Robert Jenrick, the newly appointed Treasury spokesperson for Reform UK, is set to deliver a major policy address outlining significant changes to key economic institutions if his party gains power. In his first major outing since defecting from the Conservative Party, Jenrick will argue that net zero efforts have become a "distraction" for the Bank of England and pledge to overhaul the Office for Budget Responsibility (OBR).
Reform UK's Economic Vision
Jenrick's speech, scheduled for Wednesday in the City of London, marks a pivotal moment for Reform UK as it positions itself as an alternative to both Labour and the Conservatives. He will accuse the two major parties of "taking more of the British people's money and spraying it around, with no regard for how hard they've worked for it or their priorities." This criticism comes amid ongoing economic challenges facing the UK.
Office for Budget Responsibility Reforms
Contrary to speculation about abolishing the OBR, Jenrick will promise "reform" instead. He asserts that the budget watchdog has overestimated the benefits of low-skilled migration and needs restructuring. "Everything Reform promise will be fully costed," Jenrick will say. "And because we're confident about the approach we will take, we're happy to have our homework marked."
He acknowledges the OBR's imperfections but supports its original purpose of instilling fiscal discipline. The proposed reforms include breaking up what he calls a "cosy consensus" within the body to ensure diversity of opinion. Additionally, Reform UK plans to run competitions for superforecasters to join the OBR, offering competitive salaries to those who most accurately model the impact of Treasury decisions.
Bank of England Focus Shift
On monetary policy, Jenrick will emphasize that Reform UK's priority for the Bank of England is "keeping inflation low." He plans to strip the Bank of distractions, specifically mentioning the requirement to help transition to net zero. "We will demand that the Bank is a more open institution, and the private sector better represented on the Monetary Policy Committee," he will state.
This approach reflects Jenrick's view that net zero efforts have diverted the Bank from its core mandate. The announcement follows Nigel Farage's unveiling of Reform UK's top team on Tuesday, which includes Jenrick as Treasury spokesperson and former home secretary Suella Braverman as education, skills and equalities spokeswoman.
Political Context and Reactions
Jenrick's defection from the Conservative front bench, where he served as shadow justice secretary, occurred barely a month ago. His previous government roles include serving as a Treasury minister during Theresa May's premiership and as communities secretary under Boris Johnson. Treasury minister Dan Tomlinson responded critically, accusing Jenrick of trying to "pull the wool over people's eyes" and highlighting his "appalling record in government."
Tomlinson further claimed that Reform UK has "already made billions of pounds in unfunded spending commitments" and warned that Jenrick would repeat past mistakes. "While Reform and their Tory defectors have talked down and trashed our economy, this Labour Government has made the fair choices to fix our economy," Tomlinson asserted, citing falling inflation, interest rates, economic growth, and rising wages.
Broader Reform UK Team
Jenrick and Braverman join a Reform UK front bench team that includes Richard Tice, the party's deputy leader and business, trade and energy spokesman, and Zia Yusuf, the home affairs spokesman. This lineup signals Reform UK's intent to present a comprehensive policy platform ahead of potential elections.
The speech underscores Reform UK's strategy to differentiate itself through institutional reform and a refocused economic agenda, challenging both major parties on fiscal responsibility and monetary policy priorities.
