Reform UK has unveiled its bold 2024 manifesto, aiming to reshape the UK’s economic landscape. This ambitious plan includes significant tax cuts and public sector reforms.
Tax Cuts for Millions
Reform UK plans to raise the minimum income tax threshold from £12,600 to £20,000. This change will exempt seven million people from paying income tax. Additionally, the higher rate threshold will be increased from £50,000 to £70,000, reducing the tax burden for many.
Support for Businesses
The manifesto proposes freeing 1.2 million small and medium-sized businesses from corporation tax. It will do this by raising the minimum profit threshold to £100,000 and reducing the corporation tax rate from 25% to 20%, ultimately lowering it to 15% after three years.
Public Sector Savings
Reform UK promises to save over £90 billion in the public sector. These savings would come from scrapping unnecessary government quangos and commissions, and making 5% savings across departments without impacting frontline services.
Health and Education Reforms
In education, their proposals include two-year undergraduate courses to reduce student debt and facilitate earlier employment. They also plan to increase technical courses and apprenticeships, and offer tax relief for businesses that provide apprenticeships.
Boosting Police and Army Numbers
This increase aims to enhance public safety and national security. The proposal is part of their broader strategy to improve the effectiveness of the public sector.
Immigration and Legal Reforms
These reforms are intended to address concerns about immigration and the legal system. Reform UK believes these changes will better manage immigration and reduce legal complexities.
Addressing EU Regulations
They also plan to review pension provisions to ensure they meet current needs. This approach aims to increase national sovereignty and simplify legal frameworks.
Expert Opinions on the Manifesto
Seb Maley, CEO of Qdos, commented that the manifesto appears to be a comprehensive offering for the UK’s self-employed, but its impact remains to be seen.
Reform UK’s manifesto presents a series of bold and ambitious proposals aimed at reducing taxes and reforming public sectors. However, experts remain sceptical about its feasibility. The upcoming election will determine the true impact of these plans.
