A Reform UK-linked think tank wants the UK to cut taxes on the rich and nudge the City toward taking more risk. Its forthcoming plan, branded "Big Bang 2.0" in a nod to the 1980s deregulation wave, is expected to push for lighter rulebooks, a government rewire that centers growth, and a headline change to break out growth from the Treasury and place it in a separate department, according to people familiar with the unpublished draft. CFABB says it will publish on Sep. 23.
Deputy Reform Leader Richard Tice initiated the project last year and, at a Bloomberg-hosted event, unveiled four taskforces covering regulation, growth finance, tax and pensions. One person said the report is set to call for abolishing inheritance tax and phasing out capital gains tax over time. That would remove revenue worth £8.5 billion from inheritance tax in the last fiscal year and £24 billion from capital gains tax in 2024-25, a record. CFABB said in a statement: "It is worth noting that the paper will not call for unfunded tax cuts, nor will it advocate a return to pre 2008."
Behind the scenes, CFABB has drawn on business figures from areas such as private equity and investment banking. The draft runs to roughly 200 pages and could still change, according to people familiar with it. Set up last year, CFABB also plans to engage with other political parties. Expect a populist streak too, with support for small firms and criticism of big banks for not lending enough to them, as well as concerns that pension funds invest too little in UK assets.
This blueprint is poised to shape Reform's financial and economic stance as it eyes a general election due in 2029. The party has topped national surveys for a large share of the past 18 months. Even while Reform rejects any wrongdoing, both the police and Parliamentary authorities are investigating its donations.
Money is suddenly abundant. Over the weekend, Ben Delo and Christopher Harborne - both crypto billionaires - each contributed £36 million, record gifts that Reform says will fund policy work and the ground campaign. Their contributions have sparked questions about whether donors with crypto or deregulatory interests are steering the agenda. Harborne and Delo both say they are not trying to buy influence.
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There is also a legislative threat. Andy Burnham's Labour government is weighing a retroactive law that would void the two donations, arguing neither donor has lived in the UK long enough; indications are that both men relocated their residence to the UK earlier this year after being based abroad. Should such legislation be approved, Reform says it may pursue a court challenge.
CFABB's idea to hive off the Treasury's growth role echoes options UK Prime Minister Andy Burnham examined earlier this year before entering office. After taking power in July, he left the finance ministry intact and created a Manchester satellite of the prime minister's office, called No. 10 North, calling it "the government's new situation room for growth."
Inside Reform, that Treasury rethink is likely to test relationships. Richard Tice oversees the party's business, trade and energy plans, while Robert Jenrick - who left the Conservatives in January - now serves as Reform's Treasury spokesman. At Reform's Birmingham conference earlier this month, Jenrick repeatedly emphasized that the Treasury should retain a growth mandate. He also unveiled a plan to raise the tax-free personal allowance, saying it would benefit millions, and he ruled out making inheritance tax more generous, noting it only affects about 36,000 families.
Officials close to Reform know investors are unlikely to react to a party that is not expected to govern for years and want to avoid parallels to Liz Truss's 2022 package of unfunded tax cuts that sent UK assets tumbling on fears over inflation and borrowing. When Burnham took office, the International Monetary Fund warned that the Truss budget crisis had left a lasting mark, with gilt markets more sensitive to Britain's fiscal credibility.
Expect CFABB to revisit past calls by Nigel Farage and Richard Tice to reduce interest paid by the Bank of England to commercial banks on reserves, potentially through a tiered system similar to the European Central Bank's. One person also said the report will include more detail on reforming local government pension plans, including a possible government guarantee in exchange for requiring investment in local projects, an idea that has drawn industry pushback and is viewed as a priority by Tice.
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