Early day motion tabled by primary sponsor Andrew George (Liberal Democrat), on Monday, 12 October 2026, in the House of Commons. It is signed by 2 members in total. The primary sponsor has subsequently withdrawn this motion.

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Autumn Budget 2026 (No. 3)

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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Secondary information

Type

Early day motion

Reference

941 

Session

2026-27

Other sponsors

Vikki Slade

Subjects

Companies Banks Gambling Fiscal policy Taxation Technology Budget October 2026

Link

View this Early day motion on edm.parliament.uk