Reform and the Future of UK Finance

Reform and the Future of UK Finance

Following months of uncertainty around the timing of local elections, UK politics has entered a new and volatile phase.

After receiving legal advice, the Government reversed its earlier position on allowing local councils to decide whether to postpone May elections. This sudden change triggered a scramble across all major parties to restart local election campaigns at speed. The pressure has only intensified in recent weeks.

On 16 February 2026, the Ministry of Housing, Communities and Local Government confirmed £63 million in new funding for councils in areas undergoing local government reorganisation. This funding was announced alongside the reversal of the earlier decision to delay some May 2026 local elections, creating renewed urgency for councils and political parties alike.

The political consequences have been significant. With the policy direction changing at short notice, scrutiny of the Government has increased, and the opposition has moved quickly to capitalise. Over the past three months, Reform UK has maintained a large and sustained polling lead, prompting the party to accelerate preparations for the responsibilities of government whenever the next election takes place.

A New Focus on Finance

Against this backdrop, the national conversation has shifted decisively towards finance and economic competence.

On 18 February 2026, Robert Jenrick delivered his first speech after being announced as Reform UK’s Shadow Chancellor, setting out the party’s economic priorities and its approach to restoring confidence in the British economy.

Speaking in the City of London, he outlined a plan aimed at reducing waste, supporting growth, and ensuring public money is spent responsibly, while making Britain a more competitive place to invest and do business.

Reform UK’s Economic Plan

Reform UK’s programme is built around a clear set of priorities:

1. Cut wasteful spending
   Ending welfare spending for migrants, foreign aid to wealthy countries, and the use of hotels for illegal migrants.
2. Tackle the rising benefits bill
   Protecting the vulnerable and those who have contributed, while addressing excessive and spurious claims and restoring the two‑child benefit cap.
3. Cut taxes responsibly
   Reducing taxes only by first cutting waste, while reforming — but retaining — the Office for Budget Responsibility to ensure fiscal discipline and independent scrutiny.
4. Back small and medium‑sized businesses
   Removing unnecessary bureaucracy and paperwork that restricts growth and job creation.
5. Get Britain building again
   Increasing housing supply through urban densification and accelerating major infrastructure projects, including Heathrow’s third runway.
6. Deliver affordable and reliable energy
   Reversing current energy policies, lifting the ban on North Sea oil and gas, and expanding nuclear power to reduce costs for households and businesses.
7. Ensure migration supports the economy
   Requiring migrants to be long‑term net contributors and creating incentives for investors to return capital to the UK.
8. Champion free trade while protecting key industries
   Supporting open trade with allies while safeguarding strategic sectors such as steel and defence to protect jobs and national resilience.
9. Introduce smarter AI regulation
   Developing proportionate rules that allow Britain’s service‑based economy to innovate and compete globally.

A Clear Political Choice

Many voters feel that living standards are under pressureand that economic performance has deteriorated. Reform UK argues that a government focused on common sense, fiscal responsibility, and growth can reverse this decline.

The party’s leadership maintains that putting the British people first — through disciplined spending, lower taxes, and a competitive economy — is the only way to restore confidence and deliver long‑term prosperity.

To learn more, readers are encouraged to watch and listen to the full speech outlining Reform UK’s financial vision.

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