Slash Government Waste

Government spending needs major reform.

Government spending has increased by nearly £200 billion per year since 2019. Some 600,000 more people work in the public sector. What is the result? Outcomes are far worse, growth is down and people are receiving a worse service from the public sector, where performance has collapsed. The idea that waste cannot be found, nor efficiencies made, obviously lacks any credibility.

Everyone has to watch what they spend and make savings. So should the government. After all, they are spending our money, not theirs. We must change course urgently, or Britain will go bust. Reform UK would make sure your hard earned cash is treated with care and respect

Critical reforms needed in the first 100 days:

Bank of England Must Stop Paying Interest to Commercial Banks on QE Reserves.

Other central banks are not doing this. Senior economists and a former Deputy Governor of the Bank of England (BoE) agree. This saves £30-40 billion per year. The BoE must also stop Quantitative Tightening, which is negligently costing the taxpayer billions; stopping this will also help lower interest rates.

Save £5 in every £100.

We make these saving in business and at home. The public sector must be no exception. Every manager across government must find savings without touching frontline services. We should slash wasteful spending, cut bureaucracy and negotiate better value procurement across every department. This will enable lower taxes, more money in your pocket and boost our economy. This saves £50 billion per year.

Scrap Unnecessary Government Quangos and Commissions.

There are over 600 government departments, Arm’s Length Bodies or Quangos. Many are unaccountable to parliament. Quango advisors can charge £1,000 per day. Some bosses are paid over £600k per year. Billions of pounds are wasted. The public wouldn’t notice if many dozens were scrapped. These savings are part of the £5 in every £100 mentioned above.

Brexit Bonus. Cut Unnecessary Regulations.

Government red tape and nanny state regulations are estimated to have cost the UK economy £143 billion since 2015. That means billions of pounds lost in growth and taxes.

Cut Foreign Aid by 50%.

Save £6 billion from the £12.8 billion budget. British taxpayers should not be funding countries like China or India who have their own space programs. We can do much more good by spending less with better targeting. A major review is needed into the effectiveness of overseas aid.