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2 clusters · 4 sources · 4 days · First seen · Last updated

Reform UK banking and fiscal policy proposals

Overview

Reform UK has signaled potential changes to UK fiscal policy regarding the financial sector. Treasury spokesman Robert Jenrick has declined to rule out the introduction of a banking tax, noting that while the party has not committed to specific new taxes on lenders, there is ‘merit’ in considering such moves to raise revenue.

A key element of the party’s economic platform involves reviewing the Bank of England’s interest payments on commercial bank reserves. Reform UK claims that ending these payments could save taxpayers approximately £40 billion annually.

In addition to banking-related proposals, Jenrick has defended a £17 billion plan to increase tax-free allowances, suggesting this would be funded through reductions in welfare spending and foreign aid to wealthy nations.

Entities

Robert Jenrick · Bank of England · Reform UK · Nigel Farage · BBC

Timeline

  1. 6 days ago

    [POLITICS] 2 sources
    Reform UK leaves door open to potential bank tax

    Reform UK's Robert Jenrick has left the possibility of a bank tax open while defending the party's economic plans to increase tax-free allowances through welfare and foreign aid cuts.

  2. 9 days ago

    [BUSINESS] 2 sources
    Reform UK refuses to rule out potential banking tax

    Reform UK’s Robert Jenrick has refused to rule out a potential banking tax, while highlighting proposals to end Bank of England interest payments on reserves to save taxpayers £40bn.

Sources

agf.org.uk · cityam.com · standard.co.uk · thefinancialanalyst.net