Reform’s Five Key Pledges
1. Smart Immigration, Not Mass Immigration. All non-essential immigration frozen to boost wages, protect public services, end the housing crisis and cut crime.
2. No More Small Boats in the Channel. Illegal migrants who come to the UK will be detained and deported. And if needed, migrants in small boats will be picked up and taken back to France.
3. No NHS Waiting Lists. Still free at the point of delivery, healthcare needs reform to improve outcomes and enjoy zero NHS waiting lists. Cut back office waste to spend more money on the frontline. Tax breaks for doctors and nurses to tackle the staffing crisis.
4. Good Wages for a Hard Day’s Work. Lift the income tax starting threshold to £20k to save the lowest paid £1,500 per year. This takes 7 million of the least well-off out of Income Tax to make work pay and get people off benefits.
5. Affordable, Stable Energy Bills. Scrap energy levies and Net Zero to slash energy bills and save each household £500 per year. Unlock Britain’s vast oil and gas reserves to beat the cost of living crisis and unleash real economic growth.
Our economy needs Reform
Reform UK will make work pay and help the unemployed escape the benefits trap.
Reform UK will back risk takers and wealth creators and make sure Britain is open for business.
Personal Economy Pledges:
Make Work Pay. Lift the Income Tax Start Point to £20,000 Per Year This frees up to 7 million people from paying Income Tax and saves every worker almost £1,500 per year. Basic Tax rate stays at 20%. The higher rate should begin at £70,000.
Cut Energy Taxes, Beat the Cost-of-Living Crisis Save households over £500 per year. Lower fuel duty by 20p per litre for both residential and business users. Scrap VAT on energy bills. Scrap environmental levies.
Cut Residential Stamp Duty Substantially boost economic activity and housebuilding by cutting Stamp Duty to 0% below £750k. Cut it to 2% from £750k – £1.5m and cut it to 4% over £1.5m.
Abolish the VAT Tourist Tax The government has cost our economy over £10 billion when they stopped the VAT refund scheme for tourist shopping. This also deterred up to 2 million tourists.
Abolish Inheritance Tax (IHT) for all Estates Under £2m That means some 98% of all estates. The rate above £2m will be 20% tax, with the option to donate to charity instead.
Business Economy Pledges:
Free Over 1.2 Million Small and Medium Sized Businesses from Corporation Tax Lift the minimum profit threshold to £100k. Reduce the main Corporation Tax Rate from 25% to 20%, then to 15% from Year 3.
Abolish IR35 Rules to Support Sole Traders Britain’s self-employed often work longer hours and take more risks. Many have no pension and receive no sick pay.
Lift the VAT Threshold to £150,000 Free up small entrepreneurs from red tape.
Support Small and Medium Sized Enterprises (SMEs). Abolish Business Rates for high street based SMEs. Offset this with Online Delivery Tax at 4% for large, multinational enterprises to create a fairer playing field for high streets. Cut entrepreneurs’ tax to 5%.
Reform the Planning System. Fast-track new housing on brownfield sites and infrastructure projects to boost businesses, especially in coastal regeneration areas, Wales, the North, and the Midlands.
Slash Red Tape to Boost Industry and Exports. Scrap thousands of laws that hold back British business and damage productivity, including employment laws. We must make it easier to hire and fire so that businesses can grow.
Reform the Tax System. Major simplification is needed. At over 21,000 pages, the UK’s tax code is a burden. Hong Kong’s tax code is under 500 pages.