Today is the last chance to register to vote ready for the July 4th election and below we have the latest manifesto pledges from the Reform party, led by Nigel Farage. The pledges below focus on the  financial changes and how they plan to change the economy if they come into parliament this year.

 

Tax

  • A promise of tax cuts for small businesses and a corporation tax free allowance of £100k in profits and lifting the threshold of registration for VAT for businesses to £150k from £90k. This will appeal to business owners and would allow small businesses to have a better chance of success.
  • They plan for a £35billion a year raid on banks by stopping to pay interest on the £700billion of bonds held at the Bank of England due to government borrowing.
  • Taxing banks could likely raise the cost of borrowing for people as well as businesses affecting mortgage rates and more if Reform implement this plan.
  • Reform are also promising a 20% tax relief to parents who send their children to independent (private) schools to relieve the pressure on public schools. This plan has no mention of how to support public school students and teachers and also involves banning ‘transgender ideology’ in schools as well as replace the Equality act.
  • Another party planning to raise money by funding the HMRC to improve investigations into tax avoidance and evasion.

NHS

  • They plan to provide an extra £17billion a year to the NHS which would improve operations including eradicating the waiting list within 2 years.
  • There will also be an additional 20% tax relief for those using private healthcare and insurance which is proposed to relieve the pressure of the NHS.

 

Housing

  • A key mention was the raising of the stamp duty threshold to £750,000 which appeals to homeowners and first time buyers.
  • There is a proposal for inheritance tax to be paid only on estates of over £2million. This means very few will pay and save those with less paying out on this tax.

 

Net Zero Targets

  • Net Zero Targets is the plan that the UK will take as much of its collective greenhouse gas emissions out of the environment as it puts in by 2050. Currently, the UK spend £8 billion a year on this and it is predicted to reach £50 billion a year in the next decade with a warming climate.
  • Reform plans to eradicate these targets which could save £30 billion a year. Economists argue that once the UK achieves their net zero plans then this would eventually save households money.

 

Immigration

  • Reform largely focus on immigration and their pledges to stop small boats crossing over to England through deportation or blocking them at the borders.
  • They plan to create incentives for business to employ ‘brits’ through tax policies.
  • With Refrom the National Insurance rate will be raised to 20% for foreign workers, British citizens will remain at 13.5%. Only those working in essential foreign health and care work would be exempt from the tax. Reform believe this could raise over £20 billion over 5 years which they intend to use for training and apprenticeships for Brits.

 

Cut Foreign aid

  • Reform want to slash foreign aid by 50% in order to save £6 billion from the £12.8billion budget. This will save the UK money however, those who need financial support overseas will be lacking in necessary survival help.