Slashing Government Waste
Government Spending Needs Major Reform
Reform UK will slash wasteful spending to increase funding for frontline public services and reduce taxes for working people.
CRITICAL REFORMS NEEDED IN THE FIRST 100 DAYS:
Bank of England Must Stop Paying Interest to Commercial Banks on QE Reserves
This approach would save around £35 billion per
year and has been endorsed by senior figures at the Financial Times, New Economics Foundation, and IFS, as well as two former Deputy Governors of the Bank of England.
Save £5 in every £100
Every department must slash wasteful spending, cut bureaucracy, improve efficiency and negotiate better value procurement without touching frontline services. This will save £50 billion per year, ensure tax cuts and boost our economy.
Brexit Bonus. Cut Unnecessary Regulations
Britain still retains over 6,700 EU laws. Government red tape and nanny state regulations are estimated to have cost the UK economy £143 billion since 2015. That means £ billions lost in growth and taxes.
Cut Foreign Aid by 50%
Save £6 billion from the £12.8 billion budget. A major review is needed into the effectiveness of overseas aid. That includes global quangos to which we pay over £7 billion every year.
Collect £ Billions in Unpaid Tax
HM Revenue and Customs failed to collect tens of
billions in taxes last year due to understaffing and
bad management. Improved HMRC competence
would deliver lower taxes to British workers.