The Reform party announced plans to reduce public spending by £80 billion by 2030 as part of an alternative budget outlined ahead of the upcoming Chancellor’s statement. In a presentation delivered yesterday, Reform’s Treasury spokesman Robert Jenrick detailed 64 proposed measures aimed at stimulating job creation and economic growth.

Jenrick emphasized that the party intends to achieve £40 billion in cuts during the first year of a future government, expanding to £80 billion by the fifth year. Among the proposals were steps to reintroduce imperial measurement units, approve drilling at the Rosebank oil field, and undertake a review of artificial intelligence regulations.

These commitments come amid rising concerns over the national debt, which recently surpassed £3 trillion for the first time. Jenrick acknowledged the urgency of addressing fiscal challenges, noting that the timeline for spending cuts needed to be accelerated. "I had hoped that some of these cuts would come later in the parliament," he said, "but last week’s numbers told us we don’t have five years, so we have to bring them forward."

The Reform party framed its plan as a means to enhance economic competitiveness through deregulation and by tapping into domestic energy resources. The emphasis on regulatory review particularly around emerging technologies such as AI reflects the party’s broader strategy to foster innovation and growth.

The announcement marks a clear divergence from the government’s current fiscal approach, as Reform positions itself with a focus on swift fiscal consolidation combined with policies intended to drive investment and employment. The party’s alternative budget will be closely scrutinized in the context of ongoing debates over managing the nation’s rising debt levels and economic recovery efforts.