# Reform UK banking and fiscal policy proposals

> Live situation record from CLSTR: https://clstr.news/situations/reform-uk-banking-and-fiscal-policy-proposals
> Updated: 2026-09-06T11:15:03.000Z. Sources: 4. Developments: 2.

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.

## Timeline

### 2026-09-06: 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 sources. https://clstr.news/cluster/reform-uk-leaves-door-open-to-potential-bank-tax

### 2026-09-03: 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.

2 sources. https://clstr.news/cluster/reform-uk-refuses-to-rule-out-potential-banking-tax

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Cite as: Reform UK banking and fiscal policy proposals. CLSTR, https://clstr.news/situations/reform-uk-banking-and-fiscal-policy-proposals