That this House notes the extent of widening inequality in the UK, that the top 50 richest families now hold more wealth than the poorest half of the population and that there has been nearly 1000% increase in the wealth of UK billionaires since 1990; further notes that a dynamic study commissioned by Patriotic Millionaires and conducted by Dr Ben Tippett on the Sunday Times Rich List reported that £160 billion could have been raised for the UK's public finances over the past 35 years if those on the Rich List were annually taxed 2% on their net wealth, whilst their share of the wealth would still have increased from 1.7% to 2.7%; believes that moderate taxes would not provoke capital flight as lobbyists assert and is repeated by some media and commentators; also notes that an EU Commission study (2026) of 7 countries found negligible migration responses to wealth taxes; highlights considerable evidence that low taxes on wealth can be counterproductive for growth and productivity and that research by tax policy experts at CenTax and the IFS shows that equalising capital gains and income tax rates alongside introducing an investment allowance supports productivity and growth and would raise £19.7bn a year, as does taxing share buybacks and expanding NICs to income from wealth; notes the UK's tax-to-GDP ratio is around 35% according to OECD data (2024), lower than comparable G7 economies France (44%), Italy (43%), Nordic countries (41-43%); and calls on the Chancellor to reflect on these factors.

Motion· Early Day MotionEDM 940open

Autumn Budget 2026 (No. 2)

United Kingdom · UK Parliament · 12 October 2026

That this House notes that the UK spends 7.31% of GDP, costing £217.5 billion per annum, on tax reliefs, equivalent to about 23% of Government tax revenue, and that the Treasury Select Committee identified in 2023 that 815 of 1,180 tax reliefs have never been publicly costed; further notes the Institute for Government found that the Government introduced 14 major tax policies targeted at and for the benefit of high wealth or high income individuals in 2015-2023, that just three had been substantiated on a significant evidential basis, and that a 2024 National Audit Office report observed a concerning absence of evaluation of tax reliefs; also notes that many tax reliefs have substantially contradicted the declared purpose of Government policy, such as small business rate relief available for holiday lets, and which has seen industrial-level flipping of second homes from Council Tax to the business rate systems where the majority pay no tax at all; notes that along with other reliefs, and covid aid, this has resulted in granting over £500 million of taxpayers’ money to support holiday home owners in Cornwall alone in the last 10 years, while thousands of local families have been evicted to make way for more holiday and second home investors and the local authority now needs to cut essential services to balance the book; and calls on the Chancellor of the Exchequer to consider these factors as he prepares for the Budget and to undertake a Comprehensive Spending Review-style of the entire tax code.

Motion· Early Day MotionEDM 941open

Autumn Budget 2026 (No. 3)

United Kingdom · UK Parliament · 12 October 2026

That this House notes that the combined annual profits of the four largest UK banks have doubled to £48 billion in the five years to 2025, mostly due to a tax glitch which gifted an unanticipated windfall of £86 billion since 2022; further notes that a fair and pragmatic windfall tax would raise approximately £19 billion per annum, which equates to the estimated costs of the PM’s proposed National Care Service, or could fund both a £90 cut in a typical household’s annual fuel bill, if used to replace the artificial impact of the so-called renewable levy, and a 5% VAT cut for hospitality businesses; also notes that tech giants pay only 2% on their declared UK profits and that an increase to just 10% would raise a further £4 billion per annum; acknowledges the Institute for Public Policy Research study which indicates that doubling the Remote Gaming Duty on online gambling companies could generate an additional £1 billion annually; and calls on the Chancellor of the Exchequer to carefully consider these factors and those contained in EDMs Autumn Budget 2026 and Autumn Budget 2026 (2) as part of a comprehensive and equitable approach to fiscal policy in the forthcoming Budget.

Amendment· EditBillBody57open