Reform UK pledges £80bn annual state spending cut

Reform UK has promised to cut state spending by £80bn a year by the end of its first term in power, a reduction equivalent to about 6 per cent of government spending, announced by Treasury spokesman Robert Jenrick at the party's conference in Birmingham. Jenrick outlined plans to cut £50bn from welfare, £20bn to 30bn from areas like net zero policies, and reduce debt interest by £28bn, with some funds earmarked for tax cuts for workers. He has written to UK debt holders to outline the party's fiscal approach. The announcement follows a surge in borrowing costs threatening Labour's first Budget under Andy Burnham next month. Jenrick also pledged to keep the pensions triple lock and hinted at appointing more entrepreneurs to the Bank of England.