Reform UK Unveils Bold Tax-Cut Plan to Rescue British Economy
Richard Tice, chairman of Reform UK, blasted the current tax system today in London. He unveiled a sweeping economic plan designed to revive the UK by slashing taxes for workers and businesses alike.
Tice Blasts ‘Tax Suffocation’ – Proposes £20,000 Income Tax Threshold
Speaking to a packed crowd, Tice warned that millions are being “literally suffocated because of tax” and called for urgent reforms to boost employment and ease government spending pressures. His headline proposal? Raising the income tax threshold sharply to £20,000 – a move costing an eye-watering £40 billion.
How Will the Tax Cuts Be Funded?
The Reform UK leader revealed a controversial funding plan: a major shake-up of the Bank of England. Tice slammed the soaring interest payments on the £800 billion of debt from quantitative easing. With rising base rates pushing interest costs through the roof, taxpayers are footing the bill – money Tice says flows straight into “institutions” in the City of London.
“We propose to use this money for a great British tax cut,” Tice declared. “This is about helping ordinary citizens, not lining pockets in the financial sector.”
Small Business Relief and IR35 Abolished
Alongside the income tax boost, Tice pledged to raise the VAT threshold for small businesses from £90,000 to £150,000, aiming to cut red tape and fuel growth for grassroots firms.
He also attacked the IR35 off-payroll tax rules, insisting, “we can’t tax our way out of a crisis.” The message was clear: cut taxes, spark jobs, and get the economy moving again.
Farage Warns of Government Borrowing Crisis
Following Tice, party leader Nigel Farage stepped up, backing these radical shifts and warning of looming troubles if government borrowing keeps soaring. He expressed concerns about the government’s ability to issue gilts under current policies.
With today’s speeches, Reform UK stakes its claim as the voice of bold economic reform — promising a fairer tax system and a booming British economy.
