Thinktank linked to Reform UK calls for abolition of state pension
Summary
A thinktank connected to Reform UK has proposed ending the UK state pension and cutting taxes by £75 billion in a new report. The report suggests replacing the pension with personal investment accounts and reducing many taxes, including those on wealth and corporations, while also calling for public spending cuts.Key Facts
- The Centre for a Better Britain (CFABB), linked to Reform UK, published a 183-page report called “Boosting Britain.”
- The report calls for abolishing the state pension and replacing it with personal investment accounts starting with £1,000 for newborns.
- It proposes cutting major taxes such as capital gains tax, inheritance tax, stamp duty, digital service tax, air passenger duty, and lowering corporation tax from 25% to 15%.
- The suggested tax cuts would cost £75 billion and cover up to half the current tax code.
- The report recommends matching tax cuts with public spending reductions to avoid economic troubles, but it does not detail specific spending cuts.
- It suggests closing public pension plans for new teachers and civil servants and turning the state pension into a safety net only for the poorest.
- CFABB is led by Jonathan Brown, and the report was released before the UK government’s upcoming budget.
- Reform UK has ties to CFABB, but the party has not yet reviewed the report.
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