Matters for the Chancellor of the Exchequer to consider prior to the Autumn Budget 2025 (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, much of this due to a tax glitch which gifted an unexpected windfall of £86 billion since 2022; further notes that a fair and pragmatic windfall tax on these profits would raise approximately £7 billion per annum; recognises that this windfall tax 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 2162 and 2225 as part of a comprehensive and equitable approach to fiscal policy in the forthcoming Budget.