Autumn Budget 2026 (No. 3)

Summary

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.

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Timeline

1. 12 October 2026

   Early Day Motion

   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.

   Source: Early Day Motion

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Sponsors

• Andrew George · Liberal Democrat · Primary sponsor

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