Richard Tice, chairman of Reform UK, delivered a stirring speech in London today, unveiling his party’s ambitious economic policy aimed at revitalising the British economy by easing the tax burden on individuals and businesses.
Addressing a packed audience, Tice emphasised the urgent need to get more people into work to alleviate the strain on the exchequer. He painted a grim picture of the current tax landscape, declaring, “People in the UK are literally suffocating because of tax.” Tice proposed a significant increase in the income tax threshold to £20,000, a move he acknowledged would come with a hefty price tag of £40 billion.
The Reform UK chairman asserted that this substantial tax cut would be financed by a radical overhaul of the Bank of England. Specifically, Tice targeted the interest paid on the £800 billion of debt accumulated through quantitative easing. As the Bank of England has raised the base rate in efforts to curb inflation, interest payments on this debt have surged, further burdening taxpayers. Tice criticised these payments as money taken from taxpayers and funnelled into “institutions” in the City of London.
“We propose to use this money for a great British tax cut,” Tice declared, framing his plan as a direct benefit to ordinary citizens rather than financial institutions.
In addition to raising the income tax threshold, Tice announced plans to increase the VAT threshold for small businesses from £90,000 to £150,000. This measure aims to provide significant relief to small business owners, encouraging growth and reducing administrative burdens.
Tice also called for the abolition of IR35, the controversial off-payroll working rules, arguing that “we can’t tax our way out of a crisis.” His speech highlighted a broader theme of reducing tax pressures to stimulate economic activity and employment.
Following Tice’s address, party leader Nigel Farage took to the stage, echoing the call for economic reform and warning of potential challenges ahead. Farage cautioned that the government might face difficulties issuing gilts if the current borrowing practices continue unchecked.
As Reform UK positions itself as a champion of tax reform and economic revitalisation, today’s speeches by Tice and Farage underscore their commitment to bold policy changes aimed at fostering a more prosperous and dynamic economy.
