Reform UK has pledged to increase the tax-free personal allowance to £15,000, a move the party says would be implemented within the first 100 days if it forms the next government. Robert Jenrick, Reform's economic spokesman, stated this would provide "money that people really need right now."
The party estimates that raising the tax-free threshold by £2,430 would save most taxpayers £500 a year, and 2.9 million people would no longer pay income tax. Reform UK calculates the policy would cost £17.7bn in the first year, rising to £21bn by the fifth year.
To fund this, Reform UK plans £80bn in public spending cuts. These proposed cuts include a £50bn reduction in welfare spending, which the party says would not affect the state pension. Other funding sources mentioned include scrapping net-zero programmes to raise £10bn, reducing civil servant numbers for £8bn, and capping the foreign aid budget for £7.1bn.