Robert Jenrick was unveiled as Reform UK’s pick for chancellor as he vowed to ‘fix Britain’s broken economy’ if the party wins power.
In his first speech, the former Tory minister is expected to say he will keep the OBR and maintain the independence of the Bank of England.
He will put restoring stability and eliminating wasteful spending and ending chaos at the heart of his economic pitch.
In a speech to the City of London, Mr Jenrick will set out Reform’s approach to the economy should they win the next election.
He will accuse Labour and the Conservatives for ‘taking more of the British people’s money and spraying it around – with no regard for how hard they’ve worked for it or their priorities.’
Although he will pledge to keep the OBR and defend the Bank’s independence, he will say both need reform if his party wins.
He will criticise the budget watchdog and bring in more outside, proven forecasting expertise to bring in superforecasters, the party said.
He will also accuse it of overestimating the economic benefits of low-skilled migration and underestimating the benefit of taxes, they added.
Robert Jenrick, who defected to Reform from the Conservatives last month, is the party’s pick for chancellor
But he will reject calls to abolish the OBR, arguing that it has helped to instil greater fiscal discipline.
He will also defend the independence of the Bank of England, though will criticise it for ‘excessive quantitative easing’ and for ‘taking its eye off the ball of inflation’.
The Bank would also be stripped of responsibilities such as easing the path to Net Zero, he will say.
‘The OBR is far from perfect. But the impetus for its creation was a desire to instil fiscal discipline, and that is something we wholeheartedly endorse,’ he will say.
‘Rather than abolish it, we will reform it. We will break up this cosy consensus and ensure it has diversity of opinion.
‘And we’ll run competitions for superforecasters to join the body and pay competitive salaries to those who most accurately model the impact of Treasury decisions.’
Following his appointment after defecting to Reform last month, he declared that he would ‘oppose the wrecking ball that is Rachel Reeves’.
He told a Westminster press conference that Nigel Farage’s party would be the ‘only party that will be as careful with your money as you are’.
He also vowed to put together the ‘most comprehensive plan of any political party’ to fix the economy and cut the welfare bill.
Asked by the Mail whether he wanted to be a tax-cutting chancellor, the former shadow justice secretary said ‘we want to bring taxes and bills down’.
He vowed to look out for those who needed a ‘hand up – not a handout’ for the ‘alarm clock generation’.
‘Businesses are fighting for survival right now. Factories are closing, investors are leaving the country, and people are suffering,’ he said.
His appointment came as a surprise to some as Mr Farage had been expected to appoint Richard Tice before Mr Jenrick’s defection.
