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Reform UK’s deputy leader Richard Tice has called for a comprehensive overhaul of the UK’s financial regulatory frameworks and public pension systems, advocating deregulation and economic liberalisation to boost growth and competitiveness post-Brexit.<\/p>\n<\/div>\n
Reform UK’s deputy leader Richard Tice has made a forceful pitch to the City of London for a comprehensive overhaul of the UK’s financial regulation and public sector pension systems, signalling the party\u2019s intensifying campaign to position itself as a champion of deregulation and economic growth. Speaking at Bloomberg\u2019s London headquarters, Tice outlined plans to establish four dedicated working groups focused on reshaping the regulatory frameworks governing the Bank of England and the Financial Conduct Authority, pension reform, support for small businesses, and tax simplification.<\/p>\n
Tice criticised what he described as \u201cmadness of regulation,\u201d attributing the City\u2019s diminishing appeal for listings and investment to overregulation. \u201cThere is a fundamental flaw in common sense. If you over-regulate, don\u2019t be surprised that companies aren\u2019t listing here,\u201d he told his audience, urging City employees and financial professionals to contribute \u201cgood ideas, mad ideas\u201d for what he called a \u201cbig reset\u201d 40 years after the landmark 1980s changes known as the Big Bang.<\/p>\n
Central to Reform UK’s critique is the role of the Bank of England and the Financial Conduct Authority (FCA). Tice argued that these institutions are holding back the City through excessive bureaucracy and that questioning their operation\u2014especially around interest rate-setting\u2014should not be perceived as a threat to independence. While promising not to curtail the Bank’s autonomy, he suggested a rethink of its monetary policy frameworks and hinted at a possible shake-up of the Office for Budget Responsibility, calling for clearer lines between advisory roles and ministerial decision-making.<\/p>\n
Beyond regulation, Tice highlighted public sector pensions as a key area for reform, emphasising the unsustainable rise in defined benefit schemes. He advocated a shift to defined contribution plans for new public sector employees, voicing concern over the fiscal burden that large, guaranteed pensions place on the economy. This aligns with broader calls from Reform UK for significant economic liberalisation, including a proposed \u00a340 billion tax cut package aimed at stimulating growth. The funding for this would reportedly come from abolishing interest payments made to banks under the Bank of England\u2019s quantitative easing programme, a mechanism which Tice and party leader Nigel Farage have criticised as enriching financial institutions at taxpayers\u2019 expense.<\/p>\n
Reform UK\u2019s efforts occur against a backdrop of wider governmental reflection on the UK’s regulatory stance post-Brexit. Recent speeches by UK Finance Minister Rachel Reeves have acknowledged that the crisis-era regulations put in place since 2008 have constrained growth and competitiveness. Reeves has championed reforms in capital markets, financial technology, and sustainable finance, urging regulators to better align with objectives to position the UK as a global financial powerhouse. The newly appointed Lord Mayor of London, Alastair King, has also called for greater divergence from EU financial rules to boost UK competitiveness, highlighting the opportunities for reform now available.<\/p>\n
Reform UK\u2019s think tank, the Centre for a Better Britain (CFABB), founded earlier this year and modelled on US conservative policy groups, is playing a pivotal role in developing these ambitious policy proposals. CFABB aims to drive a Trump-style political overhaul in Britain, advocating deregulation and economic nationalism. The organisation operates from the heart of Westminster and maintains connections across North America, reflecting Reform UK’s broader strategy of pushing for radical change.<\/p>\n
Though Reform UK is unlikely to secure significant parliamentary representation, its push to deeply reshape financial regulation and taxation is designed to exert pressure on the Conservative Party, potentially realigning right-wing political debates in the UK. With its public calls for “rethinking everything,” including the very governance of economic policy, Reform UK is embracing a disruptive stance that could resonate with parts of the financial community frustrated by existing regulatory constraints but alarm others wary of the risk to stability.<\/p>\n