To succeed faster growth is vital. Higher growth rates are the only way to better wages and more tax revenues that can be invested in better healthcare and other public services. Our bold economic vision frees up over 6 million people from paying Income Tax and frees up over 1.2 million small businesses and self-employed from paying Corporation Tax. We would also aim to remove a raft of other stifling taxes in a responsible, timely way. This will generate much faster growth than seen in recent decades. We must also stop wasting taxpayers’ money.

The Government has increased taxes to the highest level in 70 years with more taxes to come. Medium-term growth is expected to be the lowest for 60 years. This means lower wages and less money to invest in health and other public services. Inflation is at the highest level for over 30 years and productivity is at the lowest for 20 years, with 1 in 8 people of working age on out of work benefits, totalling well over 5 million. 

The combined works of Harry Potter are fun but dwarfed by our tax code of some 20,000 pages, the most complex in the world. This stifles growth and creates an industry of unproductive tax avoidance.

Smart money and smart people will not invest in the UK nor come to the UK in a mobile world if they think we are uncompetitive in tax terms.

Reform UK is the only party that stands for cutting taxes and simplifying taxes to create higher growth, better wages and better healthcare.

Reform UK will also oppose the creation of a Central Bank Digital Currency (CBDC) and all attempts to turn Britain into a cashless society.

Stimulus Plan

• Free up 6 million people from paying Income Tax by lifting the minimum threshold to £20,000 from £12,571 p.a.  This amounts to 1 in 5 taxpayers. Basic Income Tax rate stays at 20%.
• The less well-off benefit proportionately the most, saving £1,500 p.a. @£20,000 salary, circa £30 per week.
• Free up 1.2 million SMEs from paying Corporation Tax (over 80% of companies) by lifting the minimum profit threshold to £100,000.
• Reduce the cost of living by lowering consumer taxes, which will reduce inflation whilst stimulating growth:
• scrap vat on energy bills, saves £100's / year per household
• Scrap environmental levies = saves £160 / year per household.
• Lower fuel duty by 20p / litre = saves £240 / year per driver.
• Lower VAT from 20% to 18% = saves £300 / year per household.
• Funded by cost savings totalling approximately £85 billion:
• Reduce wasteful Government spending: £5 in £100 = £50 billion per year.
• Enable over 1 million out of the over 5 million on out of work benefits back into jobs: saves circa £15-20 billion per year. Some 1.5 million more people are on benefits than pre-Covid, so a return just to 2019 levels is eminently realistic.
• Tax the Renewable Energy industry the full amount of the circa £11 billion in subsidies they currently receive under old contracts; they claim it is cheaper than other energy forms, so they no longer need taxpayer support.
• Remove vast swathes of unnecessary regulations that hinder growth.

All figures are approximate and based on estimates.