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Thinktank linked to Reform UK urges abolishing state pension
The proposal comes with a plan to cut taxes including capital gains and inheritance levies, at a stated public-finance cost of about £75bn.
A thinktank linked to Reform UK has released a report calling for the abolition of the UK state pension and a package of tax cuts aimed at reshaping the country’s tax and financial system, according to The Guardian Business. The Centre for a Better Britain’s (CFABB) 183-page report, titled “Boosting Britain,” also urges eliminating taxes typically levied on wealthy Britons, including capital gains tax and inheritance tax. It says those taxes can disrupt family businesses and encourage people to move wealth out of the UK.
The report further proposes scrapping or cutting additional measures, including stamp duty on property and shares, digital service tax, and air passenger duty. On corporate taxes, it calls for a reduction in “internationally uncompetitive” corporation tax from 25% to 15% over eight years, and says the package would effectively remove up to 50% of the existing tax code at an estimated £75bn cost to public finances.
The CFABB says any tax changes would need to be matched by cuts to public spending, though it does not lay out a detailed plan for how the reductions would be funded. It points to potential spending cuts that could include closing certain public pension arrangements for new teachers and civil servants and eradicating the state pension, with UK government forecasts estimating the state pension will cost £146.1bn in 2025 to 2026, according to The Guardian Business.