Reform’s Tice Calls for City Deregulation, Criticizes Bank of England’s Quantitative Tightening
LONDON – Richard Tice, leader of Reform UK, outlined plans for โฃa “Big Reform” of City regulation andโฃ sharply criticized the bank โof England’s current monetary policy, including its quantitative tightening (QT) program, โคduring 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 โขBank of England’s Monetary Policy Committee, has consistently opposed QT – the Bank’s โฃstrategy of reducing its balance sheet by โฃselling gilts – arguing it has contributed to โincreased borrowing costs.
His presentation โขfollowed a speech delivered two days prior byโค Nigel Farage, Reform โUK’s honorary president, in which Farage pledged a commitment to deregulation and fiscal caution, tempering previous manifesto promises. Farage predicted the next General Election wouldโข likely be held in 2027,citing โthe risk โคof an economic collapse.
“We are being mature,โ we are beingโ sensible, and we are not over-promising,” โฃFarage stated. “For us not to take โaccount of the dire state of โour public finances, that โคI think would be irresponsible. We can’tโ haveโค massive tax cuts โuntil the markets โฃcan see we’ve at least got these things in hand.”
Reform UK has recently emphasized fiscal obligation, with welfare spokesman Lee Andersonโ announcing โฃplans for ยฃ9 billion in welfare savings and Danny kruger suggesting Whitehall cost-cutting measures involving hundreds of thousands ofโฃ staff reductions.
The party’s previous manifesto faced criticism from City analysts, including โSimon โfrench of Panmure Liberum, whoโค warned its tax and spending proposals could trigger aโ 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 โฃto cost the government over ยฃ3 billion – labeling him a “socialist.”
Reform UK chair โขNickโ Candy concluded theโ event by suggesting Tice’s speech resembled that of aโข futureโ Chancellor of the Exchequer.
