Prime Minister Sir Keir Starmer, Deputy Prime Minister Angela Rayner, and Chancellor Rachel Reeves have all published their tax returns for the 2023–24 financial year — marking the first time they’ve done so since Labour’s general election victory.
Although the tax returns pertain to a time when Labour was still in opposition, their release underscores a commitment to financial transparency as the new Government settles into office. The returns detail earnings and tax paid before Sir Keir, Ms Rayner and Ms Reeves assumed their respective leadership roles in Downing Street following Labour’s landslide win in the general election.
According to the documents, Sir Keir Starmer earned a total income of £152,255 during the 2023–24 tax year. The bulk of this — £146,583 — came from his salary as Leader of the Opposition and MP for Holborn and St Pancras. He also received £498 in royalties linked to a legal textbook and £5,174 in interest on personal savings. In total, he paid £54,718 in tax.
Sir Keir has now made public his tax details for three consecutive years, having previously pledged to do so annually to reinforce public trust. Speaking after the publication, Downing Street said the Prime Minister believed in “openness and accountability” and would “continue to publish his tax returns as long as he holds public office.”
Angela Rayner, who now serves as Deputy Prime Minister and Secretary of State for Levelling Up, earned £85,205 in total, paying £21,514 in tax. As with the Prime Minister, her income reflected her previous role in opposition, including her salary as MP for Ashton-under-Lyne.
Rachel Reeves, now the UK’s first female Chancellor, reported a total income of £91,758, with £24,215 paid in tax. In addition to her parliamentary earnings, Ms Reeves received £12,372 in book royalties and associated audiobook fees.
The publication of the tax returns comes following increased public and media scrutiny over politicians’ financial affairs in recent years, particularly regarding transparency among senior Government figures.
Earlier this year, Ms Reeves had suggested she did not intend to publish her returns, responding to questions at the time by stating she had not realised previous chancellors had done so. Following clarification from the Treasury and pressure from political commentators, she has now followed suit.
A spokesperson for the Treasury said: “Chancellor Reeves has nothing to hide and believes in setting an example when it comes to transparency in public life. The publication of her tax return reflects that commitment.”
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Political transparency campaigners have welcomed the move. Dr Harriet Langford of the Institute for Democratic Accountability said: “Tax disclosures by senior politicians are an important gesture that show the public how their elected leaders manage their finances. It is reassuring to see the Prime Minister, Deputy PM and Chancellor stepping up to lead by example.”
However, opposition parties have criticised the timing of the release, noting that the documents relate to a time before the Labour frontbenchers assumed government power. Conservative MP Sir Roger Halstead commented: “It’s all very well releasing your tax returns when you’re in opposition, but the true test of transparency will come in the years ahead when they’re responsible for the nation’s purse strings.”
Sir Keir’s office has indicated that future tax returns will continue to be published while he remains in office, setting a precedent for his Cabinet to do likewise.
The move is expected to put pressure on other senior ministers — including Home Secretary Yvette Cooper and Foreign Secretary David Lammy — to also consider publishing their financial disclosures, as Labour seeks to demonstrate a new era of openness in public office.
