Adam Thompson

Adam Thompson

Labour — Erewash

Speaking in the House of Commons on 16 December 2025

Debate

Finance (No. 2) Bill

Contribution

In the interests of time, I will not give way again. These are income streams that are overwhelmingly enjoyed by the highest earners, and it is, by and large, the already well-off who will pay more under the Bill. Its provisions include changes to national insurance relief on pension contributions through salary sacrifice schemes—again, a mechanism primarily used by the highest earners. They include reforming council tax, so that someone living in a £10 million mansion in central London does not pay less council tax than a terraced house owner in Ilkeston and Long Eaton. They include a new surcharge on homes worth more than £2 million, which will be paid by fewer than 1% of homeowners. This Budget was for working families, for the everyman and the everywoman, for children and for young people. It was not a Budget for millionaires, billionaires, slum landlords, investment bankers, or the bosses of big corporations.

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