Reform UK's Richard Tice Unveils Bold Plan to Reindustrialise Britain
Richard Tice, Reform UK's business, trade and energy spokesman, has delivered a major policy speech pledging to end what he called net zero "madness" and reindustrialise Britain. Speaking at a steel stockholding business in Dudley, West Midlands, on Tuesday, the Boston and Skegness MP set out ambitious plans for a new Government "super department" and a "game-changer" sovereign wealth fund.
A New 'Super Department' to Transform Britain's Economy
Mr Tice, who was appointed to his role last week, proposed creating a business, trade and energy "super department" that would also cover housing. He argued this new department would be crucial for reducing energy costs, scrapping net zero policies, and altering course on renters' rights legislation. "We are now becoming unproductive and our economy is flatlining – and that's why we have to have a completely different approach," Mr Tice declared. "I think we all know that our economy is broken."
Trade Policy and Energy: A Patriotic Approach
Highlighting proposed changes to regulations, trade policy and energy, Mr Tice emphasised the need for relentless pursuit of British national interests. "Are we really seriously willing to let that be decimated by the growth of Chinese electric vehicles coming in and taking our jobs? I would suggest absolutely not," he stated. Mr Tice advocated for "courageous" measures including tight quotas and significant tariffs on imports, mirroring actions taken by other nations.
He also pledged a Great Repeal Act to eliminate laws deemed against the UK's strategic national interest. Central to his vision is a "huge" new sovereign wealth fund under a Reform UK government, which would invest in energy and other critical sectors. "We all know that to be a rich nation, you have to have cheap, plentiful energy," Mr Tice asserted. "It's as simple as that."
Maximising Domestic Energy Production
Mr Tice called for maximising oil and gas production, reminiscent of Britain's past practices, to harness "energy treasure from under our feet" for reducing bills and cutting the cost of living. He framed this as a patriotic duty: "What about saying Lincolnshire gas for Lincolnshire jobs for Lincolnshire growth; Yorkshire gas for Yorkshire jobs for Yorkshire growth? It's our patriotic duty to use our energy treasure."
The proposed sovereign wealth fund, he suggested, could invest in critical national assets and "could actually own British steel," helping to reline its remaining blast furnaces for the next 60 years. "This is such a huge opportunity… it's an absolute game-changer," Mr Tice remarked.
Support from Nigel Farage and Criticisms from Opponents
Appearing alongside party leader Nigel Farage, Mr Tice emphasised that this approach could make families, communities, and the country more prosperous. Mr Farage echoed these sentiments, highlighting the need for sensible regulations and addressing high energy costs that harm businesses. He explained that the sovereign wealth fund concept involves managing £500 billion from council pension funds more effectively, investing in British businesses and new industries without propping up "lame ducks."
However, the proposals faced immediate criticism. James Alexander, chief executive of the UK Sustainable Investment and Finance Association, warned that forcing pension schemes to invest in the UK could distort markets, create asset bubbles, and lead to lower returns for savers. He urged policymakers to focus on building a strong pipeline of investment opportunities in high-growth areas like clean energy.
Mike Childs, head of policy at Friends of the Earth, argued that backing homegrown renewable power and home insulation would deliver real energy security. "Solar and onshore wind are now far cheaper than new gas or nuclear, cutting bills as well as emissions," he said. "The only winners from rolling back climate action are polluters, billionaires and the vested interests cashing in on fossil fuels."
John Flesher, director of the Conservative Environment Network, dismissed the idea of fracking in Lincolnshire as "farcical," citing community opposition, lack of investor confidence, and its inability to cut energy bills. "Fracking is a distraction from the real problems our country faces," he concluded.
