Budget Resolutions

Clive Jones Excerpts

Monday 1st December 2025 Commons Chamber

[Clive Jones (Wokingham) (LD)]

After the Budget last Wednesday, it is clear that the Chancellor does not listen to good advice. The Liberal Democrats have given her so many opportunities of where she could raise extra money for the Treasury. We have called for a windfall tax on the big banks, which could raise £30 billion between now and 2030. The Chancellor could raise an extra £4 billion a year from the likes of Elon Musk by raising the digital services tax on tech giants from 2% to 10%, but Donald Trump will not let the Government do that.

We know that we need to grow our economy, and the quickest way to do that is to repair the damage done by the Conservatives’ terrible Brexit deal. Brexit has lost us £90 billion in tax revenue just this year. That is a black hole that does need fixing. The Government should negotiate a new bespoke EU-UK customs union, cutting the endless red tape and freeing up businesses to concentrate on what they do best: selling their products to Europe. That could raise more than £25 billion a year for the Exchequer. That would benefit many businesses across the country, including in Wokingham. Business owners have told me of their once large and expanding relationship with the EU, but since Brexit they have seen their exports and profits reduced, so why has the Chancellor instead chosen to raise taxes across the board and offered no help to our businesses, having hammered them in the last Budget?

A new deal with the EU would benefit local businesses, help tackle the cost of living crisis, lower import costs, lower food prices and boost investment. The revenue raised for the Exchequer could prevent the Chancellor from placing further taxes on working people, perhaps meaning that income tax thresholds might be unfrozen earlier than 2031, as planned, and ahead of a 2028-29 general election. I urge the Government to listen to our calls and the calls of businesses in Wokingham and across the country and to begin negotiating a bespoke customs union with the EU, which would be a major contributor to the growth that we all agree the economy desperately needs.