Technology

Reform UK pushes for radical overhaul of UK financial regulation and public pensions

Thursday, 6 November 2025 5:07AM UTC

Reform UK's deputy leader Richard Tice has called for a comprehensive overhaul of the UK's financial regulatory frameworks and public pension systems, advocating deregulation and economic liberalisation to boost growth and competitiveness post-Brexit.

Reform UK's deputy leader Richard Tice has made a forceful pitch to the City of London for a comprehensive overhaul of the UK's financial regulation and public sector pension systems, signalling the party’s intensifying campaign to position itself as a champion of deregulation and economic growth. Speaking at Bloomberg’s London headquarters, Tice outlined plans to establish four dedicated working groups focused on reshaping the regulatory frameworks governing the Bank of England and the Financial Conduct Authority, pension reform, support for small businesses, and tax simplification.

Tice criticised what he described as “madness of regulation,” attributing the City’s diminishing appeal for listings and investment to overregulation. “There is a fundamental flaw in common sense. If you over-regulate, don’t be surprised that companies aren’t listing here,” he told his audience, urging City employees and financial professionals to contribute “good ideas, mad ideas” for what he called a “big reset” 40 years after the landmark 1980s changes known as the Big Bang.

Central to Reform UK's critique is the role of the Bank of England and the Financial Conduct Authority (FCA). Tice argued that these institutions are holding back the City through excessive bureaucracy and that questioning their operation—especially around interest rate-setting—should not be perceived as a threat to independence. While promising not to curtail the Bank's autonomy, he suggested a rethink of its monetary policy frameworks and hinted at a possible shake-up of the Office for Budget Responsibility, calling for clearer lines between advisory roles and ministerial decision-making.

Beyond regulation, Tice highlighted public sector pensions as a key area for reform, emphasising the unsustainable rise in defined benefit schemes. He advocated a shift to defined contribution plans for new public sector employees, voicing concern over the fiscal burden that large, guaranteed pensions place on the economy. This aligns with broader calls from Reform UK for significant economic liberalisation, including a proposed £40 billion tax cut package aimed at stimulating growth. The funding for this would reportedly come from abolishing interest payments made to banks under the Bank of England’s quantitative easing programme, a mechanism which Tice and party leader Nigel Farage have criticised as enriching financial institutions at taxpayers’ expense.

Reform UK’s efforts occur against a backdrop of wider governmental reflection on the UK's regulatory stance post-Brexit. Recent speeches by UK Finance Minister Rachel Reeves have acknowledged that the crisis-era regulations put in place since 2008 have constrained growth and competitiveness. Reeves has championed reforms in capital markets, financial technology, and sustainable finance, urging regulators to better align with objectives to position the UK as a global financial powerhouse. The newly appointed Lord Mayor of London, Alastair King, has also called for greater divergence from EU financial rules to boost UK competitiveness, highlighting the opportunities for reform now available.

Reform UK’s think tank, the Centre for a Better Britain (CFABB), founded earlier this year and modelled on US conservative policy groups, is playing a pivotal role in developing these ambitious policy proposals. CFABB aims to drive a Trump-style political overhaul in Britain, advocating deregulation and economic nationalism. The organisation operates from the heart of Westminster and maintains connections across North America, reflecting Reform UK's broader strategy of pushing for radical change.

Though Reform UK is unlikely to secure significant parliamentary representation, its push to deeply reshape financial regulation and taxation is designed to exert pressure on the Conservative Party, potentially realigning right-wing political debates in the UK. With its public calls for "rethinking everything," including the very governance of economic policy, Reform UK is embracing a disruptive stance that could resonate with parts of the financial community frustrated by existing regulatory constraints but alarm others wary of the risk to stability.

📌 Reference Map:

^[1] Financial Times – Paragraphs 1, 2, 3, 4, 5, 6, 7
^[2] Evening Standard – Paragraph 2, 7
^[3] GB News – Paragraph 2, 7
^[4] Reuters – Paragraph 7
^[5] Reuters – Paragraph 8
^[6] Reuters – Paragraph 8
^[7] Centre for a Better Britain – Paragraph 7

Source: Noah Wire Services

More on this

https://www.ft.com/content/2da05a65-ab5c-45d2-884c-4e6ed77dea30 - Please view link - unable to able to access data
https://www.standard.co.uk/news/politics/richard-tice-city-of-london-reform-uk-london-bank-of-england-b1256733.html - Reform UK's deputy leader, Richard Tice, has proposed overhauling public-sector pensions and financial regulations to stimulate economic growth. Speaking at Bloomberg's London headquarters, Tice emphasised the need for significant reforms, drawing parallels to the 1980s 'Big Bang' that transformed the City of London. He highlighted the unsustainable rise in defined benefit pensions, suggesting a shift towards defined contribution schemes for future public sector employees. Tice also criticised the Bank of England's quantitative easing programme, advocating for its revision to prevent taxpayer funds from enriching the City of London.
https://www.gbnews.com/money/reform-uk-pensions-bank-of-england - Richard Tice, deputy leader of Reform UK, has outlined plans for substantial public sector pension reforms and financial regulation changes aimed at fostering economic growth. Addressing business leaders at Bloomberg's London office, Tice called for a 'big reform' reminiscent of the 1980s 'Big Bang' that revitalised the City of London. He pointed out the escalating costs of defined benefit pensions, proposing a transition to defined contribution schemes for new public sector employees. Tice also criticised the Bank of England's quantitative easing programme, urging its overhaul to prevent taxpayer money from benefiting the City of London.
https://www.reuters.com/world/uk/farages-reform-uk-wants-40-billion-pound-tax-cut-funded-by-qe-overhaul-2024-06-10/ - Reform UK, led by Nigel Farage, has proposed a £40 billion tax cut for voters, funded by eliminating the interest payments to banks under the Bank of England's quantitative easing programme. The plan includes raising the income tax threshold to £20,000 from £12,570. Party Chairman Richard Tice argued that this approach would accelerate the economy and end the 'gross negligence' of the Bank of England paying substantial sums to banks, funded by taxpayers. While Reform UK is expected to secure few parliamentary seats, it aims to pressure the governing Conservatives by deepening divisions among right-wing voters in the UK.
https://www.reuters.com/world/uk/crisis-era-regulation-has-gone-too-far-reeves-tells-uk-finance-sector-2024-11-14/ - UK Finance Minister Rachel Reeves has pledged to revamp regulations governing Britain's financial sector, stating that current rules have hindered growth since the global financial crisis. In a speech at Mansion House, Reeves emphasised the need to maintain the UK's status as a global financial hub and proposed reforms in areas such as capital markets, fintech, sustainable finance, asset management, and insurance. She criticised the existing regulatory system for overemphasising risk elimination, which she believes has stifled growth, and instructed the Bank of England and the Financial Conduct Authority to align their efforts with government growth objectives.
https://www.reuters.com/world/uk/uk-can-diverge-further-eu-financial-rules-says-new-lord-mayor-london-2024-11-26/ - Alastair King, the new Lord Mayor of London, has stated that the UK has the potential to further diverge from EU financial regulations to enhance its competitiveness. In discussions with the British government, King highlighted opportunities for the UK to reform financial rules to gain a competitive advantage while maintaining good relations with the EU. UK Finance Minister Rachel Reeves has indicated a desire to overhaul financial services regulations, which have been seen as limiting the City's prospects. This aligns with recent regulatory adjustments post-Brexit, aiming to strengthen London's position in the global financial market.
https://www.cfabb.uk/ - The Centre for a Better Britain (CFABB) is a British political think tank founded in 2025, formerly known as Resolute 1850. The organisation plans 'Trump-style' changes to British government, with ambitions echoing Project 2025, the political initiative behind the second Trump presidency. CFABB was founded by Jonathan Brown, the former chief operating officer of Reform UK, and is associated with British academic James Orr, who chairs its advisory board. The think tank is based in Millbank Tower, housing the headquarters of multiple political organisations, including Reform UK, and has incorporated operations in the United States and Canada.

Noah Fact Check Pro

The draft above was created using the information available at the time the story first emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed below. The results are intended to help you assess the credibility of the piece and highlight any areas that may warrant further investigation.

Freshness check

Score: 9

Notes: The narrative is recent, with the earliest known publication date being 5 November 2025. ([gbnews.com](https://www.gbnews.com/money/reform-uk-pensions-bank-of-england?utm_source=openai)) The content appears original, with no evidence of prior publication or recycling. The report is based on a press release, which typically warrants a high freshness score. ([gbnews.com](https://www.gbnews.com/money/reform-uk-pensions-bank-of-england?utm_source=openai))

Quotes check

Score: 8

Notes: Direct quotes from Richard Tice, such as "We have to again ask really serious questions about the way we do pensions in this country," ([standard.co.uk](https://www.standard.co.uk/business/business-news/richard-tice-city-of-london-reform-uk-london-bank-of-england-b1256733.html?utm_source=openai)) and "The private sector did this 25 years ago," ([gbnews.com](https://www.gbnews.com/money/reform-uk-pensions-bank-of-england?utm_source=openai)) are consistent across sources. No significant variations or earlier uses of these quotes were found, indicating originality.

Source reliability

Score: 10

Notes: The narrative originates from reputable organisations, including the Financial Times, Evening Standard, GB News, and Reuters, enhancing its credibility. ([standard.co.uk](https://www.standard.co.uk/news/politics/richard-tice-city-of-london-reform-uk-london-bank-of-england-b1256733.html?utm_source=openai))

Plausability check

Score: 9

Notes: The claims made by Richard Tice align with recent discussions on financial regulation and public sector pensions. ([gbnews.com](https://www.gbnews.com/money/reform-uk-pensions-bank-of-england?utm_source=openai)) The narrative lacks supporting detail from other reputable outlets, which is a minor concern. The language and tone are consistent with UK political discourse, and the structure is focused on the main claims without excessive or off-topic detail.

Overall assessment

Verdict (FAIL, OPEN, PASS): PASS

Confidence (LOW, MEDIUM, HIGH): HIGH

Summary: The narrative is recent, original, and originates from reputable sources. The claims are plausible and consistent with current discussions, with no significant discrepancies or concerns identified.

Financial regulation
Public sector pensions
Economic reform