Reform UK MP Robert Jenrick has promised to conduct a review of Britain’s tax code in a major overhaul not seen since Nigel Lawson’s stint as Chancellor in the 1980s.
Mr Jenrick, who was unveiled as Reform UK’s Shadow Chancellor yesterday, made the pitch during a keynote speech at the LCW Plaisterers’ Hall in the City of London.
Despite Reform UK previously pledging to cut taxes by £90billion, the Newark MP is now promising a “fully costed” plan to lower rates for millions of workers.
He said: “We want a simpler, fairer tax system that incentivises work, saving and investment. That means fixing the absurd marginal tax rates many face today.
“So we intend to review the tax code in a programme not seen since the landmark reforms of Nigel Lawson.
“But we also understand that we can’t make tax cuts while running a huge deficit in the vain hope that the Laffer curve alone will do the hard work for us.”
However, Mr Jenrick declined to identify what levies Reform UK would like to cut if it wins the next general election.
“We will never make promises we can’t keep to the British people,” Mr Jenrick added.
Robert Jenrick, who was unveiled as Reform UK’s Shadow Chancellor yesterday, made the pitch during a keynote speech in the City of London
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Mr Farage had been accused of committing Reform UK to an unrealistic tax pledge ahead of the 2024 General Election, resulting in Labour MPs accusing the Clacton MP of mirroring Liz Truss’s market-tumbling mini-Budget.
Reform’s Shadow Chancellor continued to dismiss any links with Ms Truss, insisting he stood up to the ex-Prime Minister’s policies while serving as her Health Minister.
He added: “We’re going to be conservative when it comes to preserving what’s important, like fiscal responsibility and stability in the economy.
“We’re not going to do the mistakes that Liz Truss and Rachel Reeves have done, but we are going to be radical where we need to be to shake up this economy.”
Nigel Farage unveiled the first four members of his Shadow Cabinet yesterday
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However, Mr Jenrick’s maiden speech as Reform UK’s Shadow Chancellor appears to have been seen as a market-stabilising debut for the Newark MP.
Mr Jenrick, who is due to give an update on the triple lock, confirmed Reform UK’s U-turn on scrapping the two-child benefit cap.
Mr Farage had initially voiced support for scrapping the payment cap, claiming Reform UK’s position was “pro-family”.
The Clacton MP later shifted his language to ensure the benefit would only apply to British parents in full-time work.
Nigel Farage joined Robert Jenrick at the LCW Plaisterers’ Hall
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Doubling down on Mr Farage’s U-turn, Mr Jenrick vowed to tackle Britain’s ballooning benefits bill.
He said: “Reform will defuse the benefits bomb set to bankrupt Britain.
“We are developing the most comprehensive plan for welfare reform in British politics, which we will set out in the months ahead.
“We will stop those with mild anxiety, depression, and similar conditions from claiming disability benefits and instead encourage them into the dignity of work.
Sir Keir Starmer blasted Reform UK over its two-child benefit cap U-turn
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“We will reinstate in-person assessments and require clinical diagnoses to weed out those who are choosing a life on benefits.
“We will end the abuse of the Motability scheme, where expensive cars are handed out for conditions like tennis elbow and paid for by working people who can’t afford those cars themselves.
“We’ll make sure only British nationals can claim benefits in the first place.”
However, Sir Keir Starmer described Reform UK’s position on the two-child benefit cap as “disgraceful”.
Former Prime Minister Liz Truss was slammed by Robert Jenrick
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GETTYThe Prime Minister, who initially supported keeping the cap after the 2024 General Election, added: “I’m incredibly proud that this Government has scrapped the cruel two-child limit.
“Reform wants to push hundreds of thousands of children into poverty.”
Lifting the two-child benefit cap, which was introduced by the Tories in 2017, is expected to cost an additional £3billion a year by 2029/30.
However, Whitehall believes scrapping the cap will mean 450,000 fewer children will be in relative poverty by the same year.
Rachel Reeves’s measures were criticised for damaging the UK economy
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Mr Jenrick, who beat Zia Yusuf and Richard Tice to secure Mr Farage’s backing as his pick for Shadow Chancellor, also appeared to water down Reform UK’s previous concerns about the Office for Budget Responsibility and the Bank of England.
Despite Mr Farage last month admitting he had “questioned the need” for the budget watchdog, Mr Jenrick revealed Reform UK would keep the OBR.
However, the Newark MP insisted the OBR is “far from perfect”, adding it needs to undergo reform through competition and diversity of opinion.
Meanwhile, Reform UK’s Shadow Chancellor confirmed the Bank of England will remain independent.
Sir Mel Stride criticised Reform UK after Robert Jenrick’s announcement
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“The fact the Bank will remain independent will never stop Reform from holding them to account if they make mistakes,” Mr Jenrick added.
The Newark MP went on to criticise Rachel Reeves, accusing Britain’s first female Chancellor of “unleashing chaos” onto Britain after promising “financial stability and investment”.
Meanwhile, Shadow Chancellor Sir Mel Stride said: “How can anyone trust a word Reform say when they change their policies every five minutes?
“They said they would scrap the two-child benefit cap – now they say they won’t. Farage said he wanted to scrap the OBR – now they say it would stay.
“They made £140 billion of unfunded commitments at the election – now they can’t say which ones they still stand by.”