In his inaugural major address as Reform UK's Treasury spokesman, Robert Jenrick is set to declare that net zero initiatives have become a "distraction" for the Bank of England, while the Office for Budget Responsibility (OBR) has overestimated the advantages of low-skilled migration. This speech marks a pivotal moment for Jenrick, who recently defected from the Conservative Party, and underscores Reform UK's emerging economic strategy under Nigel Farage's leadership.
Reform UK's Economic Team Takes Shape
Nigel Farage, the leader of Reform UK, unveiled his top team on Tuesday, incorporating high-profile defectors from the Conservatives. Alongside Jenrick, former home secretary Suella Braverman was appointed as the party's education, skills, and equalities spokeswoman. This move consolidates Reform UK's front bench, barely a month after Jenrick departed his role as shadow justice secretary for the Conservatives.
Jenrick's City of London Pitch
During a speech in the City of London, Jenrick is expected to accuse both Labour and the Conservatives of irresponsibly spending public funds without regard for taxpayers' hard work or priorities. He will emphasise that all Reform UK promises will be fully costed, stating, "Everything Reform promise will be fully costed. And because we're confident about the approach we will take, we're happy to have our homework marked."
OBR Reform Over Abolition
Contrary to previous speculation, Jenrick will pledge not to abolish the OBR but instead to reform it. He argues that the impetus for the OBR's creation was to instil fiscal discipline, a principle Reform UK endorses. To enhance its effectiveness, Jenrick proposes breaking up what he describes as a "cosy consensus" by ensuring diversity of opinion within the body. This includes running competitions for superforecasters to join and offering competitive salaries to those who accurately model Treasury decisions.
Bank of England Focus on Inflation
On monetary policy, Jenrick will assert that Reform UK will prioritise keeping inflation low. He plans to strip the Bank of England of distractions, such as its requirement to support the transition to net zero. Additionally, he advocates for a more open institution with better private sector representation on the Monetary Policy Committee, while maintaining the Bank's independence if he were in the Chancellor's role.
Political Reactions and Criticisms
Treasury minister Dan Tomlinson criticised Jenrick, accusing him of trying to "pull the wool over people's eyes" and highlighting his "appalling record in government." Tomlinson claimed that Reform UK has made billions in unfunded spending commitments and would repeat past economic failures. He contrasted this with Labour's actions, which he said have led to falling inflation, interest rates, economic growth, and rising wages.
Conservative shadow chancellor Sir Mel Stride also attacked Reform UK, pointing to a £10.5 billion funding gap in their pubs plan and noting that Farage had previously questioned the OBR's necessity. Stride remarked, "Make no mistake, Reform's back-of-a-fag-packet numbers would not withstand contact with OBR scrutiny. Their recklessness would leave our economy weaker." He accused Reform UK of inconsistency and lacking a coherent plan or principles.
Jenrick's Background and Reform UK's Broader Team
Robert Jenrick brings experience as a former Treasury minister under Theresa May and communities secretary under Boris Johnson. His appointment, along with Braverman's, strengthens Reform UK's front bench, which also includes deputy leader Richard Tice as business, trade, and energy spokesman, and Zia Yusuf as home affairs spokesman. This team signals Reform UK's intent to challenge established parties on economic and social policies, with Jenrick's speech setting the tone for their fiscal approach.
