Richard Tice is poised to announce Reform UK's detailed plans for a new "super department" that would consolidate business, trade, energy, and housing functions within a single governmental body. This significant policy initiative follows his recent appointment by Nigel Farage as the party's business, trade, and energy spokesman, highlighting the party's focus on economic restructuring.
Economic Growth and Regulatory Overhaul
The proposed department aims to drive economic growth to an ambitious target of 4 per cent annually. In a speech scheduled for Tuesday, Mr Tice will outline strategies to abolish what he describes as "daft regulations," including current net zero commitments, if Reform UK gains power. He will argue that these measures hinder job creation, investment, and overall prosperity.
Key Policy Proposals
Mr Tice will advocate for a "Great Repeal Bill" designed to eliminate specific regulations. This includes scrapping net zero policies, zero emission vehicle (Zev) mandates, new employment rights rules, and property rental regulations. According to Tice, these changes are intended to lower inflation and reduce bills for consumers, fostering a more business-friendly environment.
Instead of current environmental mandates, Reform UK plans to increase domestic oil and gas production, maximizing the UK's energy resources both onshore and offshore. This shift is framed as a move to enhance energy security and economic stability.
Trade and Industrial Strategy
In terms of trade policy, Mr Tice will call for heavy tariffs and tight quotas on Chinese cars, classifying the automotive sector and others as "seismic industries" under Reform UK's framework. This approach aims to protect domestic industries from foreign competition and boost local manufacturing.
British Sovereign Wealth Fund
A cornerstone of the proposal is the creation of a new British Sovereign Fund, modeled after similar funds in Norway and Singapore. This fund would support British companies and prioritize the purchase of British products, aiming to stimulate national economic growth and innovation.
Mr Tice will emphasize that the new department would operate with "speed and action," providing a coordinated, strategic, and long-term structure to emulate the success of other high-growth nations. He describes it as a "first for the UK" and a necessary step toward entrepreneurial advancement.
Additionally, the plans include an overhaul of housing and planning systems, with a focus on cutting waste from "pointless projects" to streamline development and address housing shortages. This comprehensive approach underscores Reform UK's vision for a more efficient and growth-oriented government.
