Reform’s Tice Calls for City Deregulation, Criticizes Bank of England’s Quantitative Tightening
LONDON – Richard Tice, leader of Reform UK, outlined plans for a “Big Reform” of City regulation and sharply criticized the bank of England’s current monetary policy, including its quantitative tightening (QT) program, during an appearance at Bloomberg’s London offices.The remarks come as Reform UK seeks to bolster its economic credibility ahead of a potential general election.
Tice, a member of the Bank of England’s Monetary Policy Committee, has consistently opposed QT – the Bank’s strategy of reducing its balance sheet by selling gilts – arguing it has contributed to increased borrowing costs.
His presentation followed a speech delivered two days prior by Nigel Farage, Reform UK’s honorary president, in which Farage pledged a commitment to deregulation and fiscal caution, tempering previous manifesto promises. Farage predicted the next General Election would likely be held in 2027,citing the risk of an economic collapse.
“We are being mature, we are being sensible, and we are not over-promising,” Farage stated. “For us not to take account of the dire state of our public finances, that I think would be irresponsible. We can’t have massive tax cuts until the markets can see we’ve at least got these things in hand.”
Reform UK has recently emphasized fiscal obligation, with welfare spokesman Lee Anderson announcing plans for £9 billion in welfare savings and Danny kruger suggesting Whitehall cost-cutting measures involving hundreds of thousands of staff reductions.
The party’s previous manifesto faced criticism from City analysts, including Simon french of Panmure Liberum, who warned its tax and spending proposals could trigger a bond market sell-off. Conservative MPs have also criticized Farage’s support for nationalizing struggling businesses like British Steel and lifting the two-child benefit cap – a measure estimated to cost the government over £3 billion – labeling him a “socialist.”
Reform UK chair Nick Candy concluded the event by suggesting Tice’s speech resembled that of a future Chancellor of the Exchequer.
