Restore Britain's economic and tax policy

The Wealth of Our Nation estimates savings of around £178bn a year by the end of a first Parliament, built up at roughly £35bn a year. The main measures are a freeze on working-age benefits, which would also be limited to British citizens; replacing the pensions triple lock with a link to CPI inflation; freezing quango budgets; ending all public spending related to net zero; and a three-year freeze on most departmental budgets, excluding defence, health and debt interest. The welfare measures are covered on the welfare reform page.

Tax cuts would be matched to these savings and introduced only once they are fully funded. By the party's own figures the tax package, about £155bn a year, is around £20bn smaller than the savings. It expects the changes to boost growth but says it has not counted that in its costings.

The personal allowance would rise from £12,570 to £16,000 and the 20% basic-rate band would extend to £100,000. The tax-free allowance would be restored to every taxpayer, and higher-rate bands would stay unchanged in the first Parliament. The party puts the cost at about £49bn a year and says the aim is to "make work pay".

The standard rate of VAT would fall from 20% to 18% by the end of the first Parliament, and the registration threshold would rise from £90,000 to £150,000 to support small businesses. The capital gains tax annual allowance would also rise substantially, to £20,000 in the paper's detailed proposals.

The Objective commits to cutting "the corporation tax rate to the lowest in Europe", with tax holidays for new small businesses and incentives for companies that invest in domestic manufacturing, research, training and infrastructure. As a first step, the economic plan removes corporation tax on the first £50,000 of profits, which the party says would take about 95% of companies out of the tax, and restores the 19% rate above that, with an aspiration of 15%. Sector levies such as the bank levy and the energy profits levy would be phased out.

The party would also scrap IR35, arguing that it treats contractors as employees for tax purposes without giving them employment rights and drives the self-employed away from work. Its social and cultural Objective separately proposes abolishing business rates for small businesses.

Inheritance tax would be abolished in full. The party calls it a tax on death that falls on assets already taxed during the owner's lifetime, and says it hits family farms and small businesses that are "asset-rich but cash-poor". Its paper puts the yield at about £9bn a year, around 0.7% of tax revenue, and proposes covering the cost by cutting taxpayer-funded diversity, equity and inclusion (DEI) roles, ending state funding for what it calls activist NGOs, and reforming charity law.

Stamp duty would go in all its forms, along with insurance premium tax, air passenger duty, the emissions trading scheme and the climate change levy, as part of a simpler tax system in which people "know where they stand without the need of a tax advisor".

The party would require the Chancellor's explicit approval before any future quantitative easing and appoint Monetary Policy Committee members committed to price stability. It would also review recent regulation with a presumption in favour of repeal.

The Return of Caveat Emptor would repeal large parts of the Financial Services and Markets Act 2000 and abolish the Financial Conduct Authority and Prudential Regulation Authority in their current form wherever systemic risk is absent. In their place would come industry self-regulation, with the Bank of England still supervising banks and systemic risk. Firms would follow four duties: manage conflicts of interest, tell clients plainly that they bear the risk, declare whether they act as principal or agent, and identify the client. The Financial Ombudsman Service would be abolished.