Business voters find Reform, led by Nigel Farage, as their preferred political party in the UK
In the political landscape of the United Kingdom, Reform UK is making waves as the party perceived to be the most pro-business. This shift in public opinion is evident in the latest City AM/Freshwater Strategy poll, which places Reform UK as the party most likely to support the needs of UK businesses.
Business associations such as the British Chambers of Commerce (BCC) and Confederation of British Industry (CBI) are set to send delegates to Reform's party conference later this year, further indicating a growing interest from the business community.
Richard Tice, Reform's deputy leader who leads on economic issues, attributes this trend to the party's message on cutting taxes, tackling bureaucracy, and ending net zero. Nick Faith, founding director of public affairs advisory WPI, adds that Reform UK is positioning itself as the party for "smaller businesses."
Reform's economic policies, as outlined in their 2024 manifesto, contribute significantly to this pro-business image. The party has pledged sweeping tax cuts, including scrapping inheritance tax for estates under £2m, ending off-payroll working rules, and lifting the VAT threshold to £150,000.
To further support domestic employment, Reform proposes reducing legal immigration by freezing non-essential immigration and deterring illegal immigration, while increasing National Insurance contributions for foreign workers. This approach aims to encourage hiring British workers.
In the energy sector, Reform is advocating for growth-friendly policies, such as scrapping net-zero policies to promote oil and gas drilling, accelerating nuclear and shale gas licensing, and increasing NHS funding tied with greater use of the private sector.
These policies emphasise tax relief, reduced regulatory burdens, labour market protectionism for British workers, and growth-friendly energy policies, all designed to create a favourable climate for business expansion and investment.
However, these proposals have been criticised by economists at the Institute for Fiscal Studies (IFS) and opposition groups for failing to make the sums add up. Despite this, Faith asserts that it would be shortsighted for the business community to ignore Reform UK, as they are "serious players on the UK political landscape."
The slump in business confidence due to Labour's failures and a £20bn tax raid on employers at last year's Autumn Budget may also contribute to Reform UK's growing appeal.
It's worth noting that financial market reforms like the Leeds Reforms, which focus on improving competitiveness and investment growth, are government-wide initiatives rather than specifically Reform UK policies.
Despite the controversy surrounding Reform UK, they are currently seen as the most pro-business party in Westminster. The Institute of Directors (IoD) recently reported that confidence in the UK economy fell to a record nine-year low in July, with over half of respondents to the City AM/Freshwater Strategy poll claiming government support for businesses was very important.
On a scale of zero to 10, Reform UK was rated at an average of 4.8, while Labour came in lower at 3.8. If Reform wins the next general election, it has been suggested that Nigel Farage would install business leaders in ministerial roles across government departments, including the Treasury.
As the political landscape continues to evolve, Reform UK's economic policy platform centres on tax cuts, immigration control to favour domestic employment, opposition to net-zero climate mandates favouring fossil fuel development, and health sector reforms linked to private sector growth. These policies collectively form the backbone of their most pro-business reputation.
Reform UK's economic policies, as outlined in their 2024 manifesto, consist of sweeping tax cuts, including scrapping inheritance tax for estates under £2m, ending off-payroll working rules, and lifting the VAT threshold to £150,000. The party also proposes reducing legal immigration by freezing non-essential immigration and deterring illegal immigration, while increasing National Insurance contributions for foreign workers. In the energy sector, Reform advocates for growth-friendly policies such as scrapping net-zero policies to promote oil and gas drilling, accelerating nuclear and shale gas licensing, and increasing NHS funding tied with greater use of the private sector. These policies aim to create a favorable climate for business expansion and investment. The Institute of Directors recently reported that confidence in the UK economy fell to a record nine-year low, with over half of respondents considering government support for businesses as very important. Despite the controversy, Reform UK is currently seen as the most pro-business party in Westminster. If Reform wins the next general election, it has been suggested that Nigel Farage would install business leaders in ministerial roles across government departments, including the Treasury.
