{"id":246560,"date":"2025-11-06T03:40:10","date_gmt":"2025-11-06T03:40:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/uk\/246560\/"},"modified":"2025-11-06T03:40:10","modified_gmt":"2025-11-06T03:40:10","slug":"richard-tice-calls-for-big-reform-as-nigel-farage-targets-public-sector-pensions-and-bank-of-england-overhaul","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/uk\/246560\/","title":{"rendered":"Richard Tice calls for ‘big reform’ as Nigel Farage targets public sector pensions and Bank of England overhaul"},"content":{"rendered":"

Reform UK\u2019s deputy leader Richard Tice has set out sweeping proposals for public sector pension reform and financial regulation, calling for a new era of \u201cbig reform\u201d in the UK economy.<\/p>\n

The comments came during a speech to business leaders at Bloomberg\u2019s London headquarters.<\/p>\n

The senior party figure warned that the growing cost of defined benefit pensions in the public sector, rising by between \u00a330billion and \u00a350billion a year, had become unsustainable.<\/p>\n

He argued future public sector employees should move to defined contribution schemes, mirroring changes made in the private sector decades ago.<\/p>\n

Trade unions have already voiced concerns about the proposal.<\/p>\n

They argue that shifting new workers to defined contribution pensions would cost billions and leave staff worse off compared with existing retirement benefits.<\/p>\n

However, Mr Tice emphasised that the change would not apply to current employees.<\/p>\n

The Boston & Skegness MP instead called for talks with unions to agree on new long-term arrangements for future hires.<\/p>\n

\"Nigel<\/p>\n

Reform UK\u2019s Richard Tice unveils bold plans for pension overhaul and financial regulation, urging \u201cbig reform\u201d of the UK economy<\/p>\n

| GETTY<\/p>\n

\u201cThe private sector did this 25 years ago,\u201d he told attendees.<\/p>\n

\u201cIf we are not even prepared to have that discussion, then we are just not going to make the progress that we need because that increasing liability is completely unsustainable.\u201d<\/p>\n

Positioning Reform UK as a party ready to refresh Britain\u2019s economic governance, Mr Tice drew comparisons with the \u201cBig Bang\u201d deregulation of the 1980s.<\/p>\n

He told business leaders that now was the moment for a similarly transformative policy shift.<\/p>\n

\"Nigel<\/p>\n

Reform UK leader Nigel Farage has said he wants to be the most pro-business Prime Minister in recent memory<\/p>\n

| NIGEL FARAGE<\/p>\n

\u201cWe\u2019re in early stages of an electoral cycle, so we can actually ask some really big picture questions with a clean sheet of paper,\u201d he said, describing the current period as ideal for structural reform.<\/p>\n

Mr Tice also suggested changes to the Bank of England\u2019s remit.<\/p>\n

He said policymakers should review the composition of the Monetary Policy Committee (MPC) and consider giving the Bank an explicit growth mandate alongside its existing inflation target.<\/p>\n

Such changes would represent a significant shift in the Bank\u2019s role, strengthening political oversight of monetary policy.<\/p>\n

Reform UK argues this would help prioritise long-term economic expansion.<\/p>\n

The party has previously rejected the Bank of England\u2019s plans for a central bank digital currency, with Nigel Farage calling it \u201cover my dead body\u201d.<\/p>\n

He warned that digital money could erode personal freedoms and give the state too much control.<\/p>\n

Both Mr Farage and Mr Tice urged the Bank to take a more open stance on cryptocurrency regulation.<\/p>\n

\"Tice<\/p>\n

Reform wants the UK to become a global crypto hub<\/p>\n

| PA<\/p>\n

Reform wants the UK to become a global crypto hub and already accepts Bitcoin donations.<\/p>\n

The party also attacked the Bank\u2019s bond-selling programme, calling it a misuse of taxpayers\u2019 money.<\/p>\n

Mr Tice argued that halting sales could help Chancellor Rachel Reeves ahead of the Budget.<\/p>\n

Mr Farage said the Bank was too slow on digital assets but welcomed signs that officials were open to discussion.<\/p>\n","protected":false},"excerpt":{"rendered":"Reform UK\u2019s deputy leader Richard Tice has set out sweeping proposals for public sector pension reform and financial…\n","protected":false},"author":2,"featured_media":246561,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[3490,84,1294,2222,4178,229,759,70,56,44208,54,55],"class_list":["post-246560","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-bank-of-england","tag-business","tag-economy","tag-money","tag-pensions","tag-politics","tag-presenters","tag-reform-uk","tag-uk","tag-uk-politics","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/246560","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=246560"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/246560\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/246561"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=246560"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=246560"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=246560"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}