Chancellor of the Exchequer Rachel Reeves and her husband Nicholas Joicey are earning an estimated £74,000 annually from rental income, according to a report by The Telegraph. The disclosure comes shortly after the Chancellor introduced a Budget that raises costs for landlords and second-home buyers, igniting debate over the fairness of her policies given her personal rental earnings.
The report reveals that Ms Reeves receives over £6,000 per month from two rental properties. One of these, her former family home in South London, currently rents for approximately £3,200 monthly, while Joicey’s central London flat—listed since 2011—earns nearly £3,000 per month. Their combined rental income, totalling £74,000 annually, surpasses the average landlord’s earnings of £16,500 by more than fourfold and is double the UK average salary of £37,000.
This rental income disclosure comes in the wake of Reeves’s new Budget announcement, which included a hike in the stamp duty surcharge on additional properties from 3% to 5%. Critics argue that the measure could impose substantial financial strain on landlords, deterring investment in the rental market.
Conservative MPs were quick to voice concerns. Ben Obese-Jecty questioned how the Chancellor could justify earning substantial rental income while residing rent-free in Downing Street, especially given the increase in costs faced by landlords. He told The Telegraph, “Having just announced a deeply unpopular Budget that has caused mortgages to rise, how does the Chancellor justify the £74,000 rental income of her and her husband’s London properties whilst living rent-free in Downing Street as their mortgages are paid for?”
Greg Smith, another Conservative MP, echoed Obese-Jecty’s sentiments, stating, “Classic Labour party do as I say, not as I do. I’m all right Jack, now I’m going to pull the drawbridge up.” Fellow Tory MP Lewis Cocking added, “By disincentivising good landlords entering the market, the Chancellor’s Budget will just make renting more difficult and more expensive.”
Amid these critiques, some industry analysts are warning that measures targeting landlords could have unintended consequences, potentially driving “good landlords” out of the market and increasing rental prices for tenants.
Adding to the controversy, The Telegraph reports that Ms Reeves’s South London property holds an energy performance certificate (EPC) rating of ‘D’. Labour has committed to raising all rental properties to a ‘C’ rating by 2030, meaning Reeves’s property would require upgrades to meet the party’s goals.
In response, a Labour Party spokesperson affirmed that the Chancellor’s rental income had been declared in line with regulatory requirements.