Reform UK Proposes Shake-up for Economic Stability

Reform UK, led by Brexit campaigner Nigel Farage, plans to reform the Bank of England and the Office for Budget Responsibility to balance change with economic stability. The party advocates for more business representation and forecasting accuracy, while maintaining key institutional independence ahead of the 2029 election.

The right-wing Reform UK party is calling for major reforms to the Bank of England (BoE) and the Office for Budget Responsibility, promising voters change while assuring investors of economic stability if elected. Led by Brexit campaigner Nigel Farage, the party seeks to increase business representation on the BoE's interest rate-setting panel, a significant shift from past criticisms.

With Robert Jenrick tipped as its potential finance minister, Reform UK criticizes the BoE's focus on climate change, urging a return to prioritizing inflation control. Jenrick accused the BoE of neglecting inflation management and lambasted the central bank's bond-buying history during a speech in London's finance district, all while acknowledging the institution's stability and a commitment to its independence.

The party also targets the Office for Budget Responsibility, proposing the inclusion of 'super-forecasters' to improve economic modeling accuracy. As the party prepares for the 2029 elections, it seeks to position itself as a prudent economic steward, learning from the 2022 'mini-budget' controversy linked to former Prime Minister Liz Truss and Jenrick's past governmental role.