Reform UK has unveiled its 2024 manifesto, aiming to overhaul the economic and public sector landscape. With bold promises, the party seeks to alleviate the tax burden on individuals and businesses.
As part of its extensive agenda, Reform UK plans to exempt seven million people from income tax by raising the tax threshold, alongside significant changes to public services and business regulations.
Tax Reforms to Benefit Millions
Reform UK, helmed by Nigel Farage, intends to raise the minimum income tax threshold from £12,600 to £20,000. This change aims to exempt seven million individuals from paying income tax. Additionally, the higher rate threshold is proposed to increase from £50,000 to £70,000. These measures are designed to substantially ease the financial burden on taxpayers, furthering the party’s vision of economic reform.
The manifesto also outlines a comprehensive plan to support businesses. Reform UK proposes to free 1.2 million small and medium-sized businesses from corporation tax. This would be achieved by raising the minimum profit threshold to £100,000, and lowering the corporation tax rate from 25% to 20% initially, followed by a reduction to 15% within three years. This is expected to stimulate business growth and economic activity.
Public Sector Efficiency and Savings
Reform UK promises to save over £90 billion in the public sector by scrapping unnecessary government quangos and commissions. The party asserts that it can achieve 5% savings across departments without affecting frontline services. Additionally, they propose halting the Bank of England from paying interest to commercial banks on QE reserves, which is seen as another major cost-saving measure.
The manifesto highlights the party’s commitment to public sector efficiency. By eliminating wasteful expenditure and improving budgetary discipline, Reform UK aims to redirect resources to more critical areas without compromising service quality.
Immigration and Employment Law
The party has introduced an employer immigration tax, proposing a 20% national insurance charge for foreign workers, compared to the current 13.8% for British nationals. Alongside this, Reform UK intends to exit the European Convention on Human Rights and process illegal immigrants in British Overseas Territories.
Reform UK plans to abolish the IR35 rules, aiming to provide significant relief to self-employed contractors. The party’s stance on immigration and employment law reflects its broader aims to prioritise British workers and reduce regulatory burdens on businesses.
Healthcare and Education Reforms
In the realm of healthcare, Reform UK is set on cutting NHS waiting lists to zero within two years by improving the availability of doctors and nurses. This includes cutting basic rate tax to zero for frontline NHS and social care staff for three years and using independent healthcare capacity to reduce strain on public services.
The manifesto further includes measures to offer 20% tax relief on private healthcare and medical insurance. Plans to lift training caps for medical students and write off student fees for those committing to ten years of NHS service are also highlighted. This is designed to address the workforce shortages in the healthcare sector.
Education reforms focus on reducing student debt by advocating for two-year undergraduate courses, facilitating earlier employment, and expanding technical courses and apprenticeships. Businesses providing apprenticeships would also benefit from tax relief, further integrating the education system with the job market.
Boosting Defence and Law Enforcement
Reform UK intends to bolster police and military numbers significantly. The manifesto outlines plans to increase police numbers from 235 to 300 officers per 100,000 population, equating to 40,000 new frontline officers over five years.
Furthermore, the party aims to recruit 30,000 new army personnel, reinforcing the nation’s defence capabilities. This approach underscores Reform UK’s commitment to national security and public safety.
Legislative Changes and National Identity
An immediate scrapping of EU regulations and the rescinding of over 6,700 retained EU laws, including employment law, are major components of the manifesto. The plan includes replacing the Equality Act 2010, which has raised concerns among experts about the potential implications for employment rights.
Additionally, the party proposes making St George’s Day and St David’s Day public holidays and aims to review pension provisions, reflecting a focus on national identity and social policy.
Expert Opinions on the Feasibility
Despite the ambitious nature of Reform UK’s proposals, various experts have voiced concerns about the feasibility of the manifesto. Carl Emmerson, deputy director at the Institute for Fiscal Studies, noted that the financial assumptions might be overly optimistic, potentially necessitating additional funding sources.
Kate Palmer, employment services director at Peninsula, criticised the manifesto for its lack of detail, particularly regarding changes to employment law and the Equality Act 2010.
Support and Criticism from Business Leaders
Dave Chaplin, CEO of ContractorCalculator, praised the manifesto’s focus on small businesses and pro-growth policies, contrasting these with the current government’s measures.
Seb Maley, CEO of Qdos, commented on the comprehensive nature of Reform UK’s proposals for the self-employed, highlighting their potential appeal to disillusioned Conservative voters. However, he acknowledged that some aspects might alienate other voter groups.
Reform UK’s 2024 manifesto presents bold and sweeping reforms aimed at transforming the economic and public sectors. With substantial tax cuts, public sector efficiency measures, and significant policy changes in healthcare, education, and immigration, the party seeks to position itself as a strong contender in the upcoming election.
While the feasibility of these ambitious proposals remains a topic of debate among experts, the manifesto’s focus on reducing taxation and boosting public services could resonate with a wide array of voters. As the election draws nearer, the impact of Reform UK’s promises on the political landscape will become increasingly evident.
