Reform UK Launches £74 Billion ‘Emergency Recovery Plan’

Reform UK is finally parking their tanks firmly on the Tories’ lawn. For the first time since Boris became leader, the ex-Brexit party is offering a programme that will no doubt make Conservative heads turn; setting out a £74 billion tax-cutting stimulus plan, stimulating growth by putting a stop to the government’s current “classic socialist measures”, and reducing inflation by approximately 4% over the next 12 months. The stimulus plan in full:

  • Cut tax: 
    • Zero income tax below £20,000 a year, saving almost £1,500 a year per person
    • Reduce VAT from 20% to 18%, saving £300 a year per household
  • Cut cost of living: 
    • Scrap VAT on energy bills, saving £100 a year per household
    • Scrap environmental levies, saving £160 a year per household
    • Reduce fuel duty by 20p a litre, saving £240 a year per driver
  • Cut wasteful spending: Save £5 in every £100, adding up to £55 billion per year
  • Unlock shale gas ‘treasure’: Over £1 trillion-worth of levelling up by drilling down, cutting bills

According to Reform, the stimulus – worth 3.3% of GDP – would take taxes as a percentage of GDP back down to pre-lockdown levels. Richard Tice also argues growth is paramount, and the measures would be self-funding after 3 years; if the UK has matched Australia’s GDP growth since 2005, GDP would be £410 billion higher, and tax revenues £150 billion greater per year. All ideas that are supposed to be the bread and butter of conservative politics…

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