Shadow chancellor Rachel Reeves has said the cost of living crisis has left her “increasingly short” financially, despite her £86,000 a year salary.
The Labour MP has said she “winces” at her bank balance each month with her mortgage, gas, electricity and food bills all adding up.
She made the confession during an interview on Friday when she announced that her party would fight to allow people to have greater financial freedom and pay less in bills.
“What makes me wince is when I look at my bank statement and I find that the money coming in is increasingly short of the money going out,” she told GB News.
“Whether it's the mortgage, or the gas and electricity bills, the weekly shop, or all of the money we all spend over Christmas, it is putting a huge toll on family finances and I think very few people are not feeling the effects of that today.”
Labour has previously committed to securing the ‘highest sustained growth’ in the G7 for the UK. Their proposed policies include: Introducing clear fiscal rules with a new enhanced role for the Office of Budget Responsibility; Providing catalytic public investment through a Green Prosperity Plan, to crowd in private sector investment to the industries of the future; Providing devolution to local economies over control of spending money; Building more affordable homes.
However, in November it was reported that Labour was considering watering down its green spending plans and shadow health secretary Wes Streeting has said the party “will not be able to turn on the spending taps”.
Ms Reeves earns £86,584 a year in basic salary from being an MP but would be on closer to £150,000 if Labour was to get into power and she was to become chancellor.
“I'd like people to have more of their own money in their pockets to spend in the way they choose,” she told GB News. “To do that in a way that's affordable, sustainable and fair you've got to grow the economy.”
Ms Reeves has been approached by the Evening Standard for further comment.
