Reform UK leaves door open to potential bank tax

Reform UK Treasury spokesman Robert Jenrick has declined to rule out a potential bank tax during the party’s first Business Day event. While Jenrick stated the party has not set out specific plans to increase taxes on lenders, he did not explicitly oppose such a levy, suggesting financial services policy remains under active development.

This cautious stance contrasts with comments made by Nigel Farage, who previously suggested targeting banks to address public finance pressures. Jenrick also highlighted Reform UK’s interest in reviewing the Bank of England’s practice of paying interest on commercial reserves created during quantitative easing, a move the party claims could save taxpayers £40 billion.

In a separate media appearance on BBC Breakfast, Jenrick defended Reform UK’s economic proposals, including a £17 billion plan to increase tax-free allowances. He argued the plan would be funded by reducing welfare spending and cutting foreign aid to wealthy nations. During the interview, BBC presenter Naga Munchetty challenged Jenrick’s characterization of Reform UK as ‘the opposition party,’ noting that the Conservative Party holds that role in government.