Reform UK - Economy - Personal

Our economy needs Reform, to become high growth, with high wages, and lower taxes. We must make work pay.

Smart tax cuts create growth and pay for themselves. That means more money to invest in reformed public services. It is called the Multiplier Factor. Instead, the government has hit us with the highest tax burden in 70 years. Record debt, record borrowing and record waste. For too many work no longer pays whilst the cost of living crisis rages.

Britain produces world class business leaders, innovators, industrialists, scientists and a huge small business sector. We must get the government out of their way. We must trust the British people to build a thriving economy.

Critical reforms needed in the first 100 days:

• Make Work Pay. Lift the Income Tax Start Point to £20,000 Per Year.This frees up to 7 million people from paying income tax and saves every worker almost £1,500 per year. This will help many back into work and escape the benefits trap. Basic Tax rate stays at 20%. The 40% higher rate should begin at £70,000.Leave a Comment
• Cut Energy Taxes and Beat the Cost of Living Crisis.Save households over £500 per year. Scrap VAT on energy bills. Lower fuel duty by 20p per litre. Scrap environmental levies.Leave a Comment
• Cut Residential Stamp Duty.Substantially boost economic activity and housebuilding by cutting Stamp Duty to 0% below £750k; 2% from £750k–£1.5m; 4% over £1.5m.Leave a Comment
• Abolish the VAT Tourist Tax.The government has cost our economy over £10 billion when they stopped the VAT refund scheme for tourist shopping. This also deterred up to 2 million tourists.Leave a Comment
• Abolish the Grief Tax, IHT, for all Estates under £2m.That means some 98% of all estates. The rate above £2m will be 20% tax, with the option to donate to charity instead.Leave a Comment

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