Think tank led by influential Reform figure calls for abolition of state pension
The report, likely to be influential on a future Reform government, proposes tax cuts worth £75bn
A think tank set up by an influential figure within Reform UK has called for the state pension to be abolished.
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The report, published by The Centre for a Better Britain, proposes abolishing capital gains tax and inheritance tax, arguing that they encourage people to move their wealth outside of the UK and disrupt family businesses.
It also calls for stamp duty to be abolished, along with digital service tax and air passenger duty, and a reduction in corporation tax from 25% to 15%.
The think tank - created and led by former Reform UK chief operations officer Jonathan Brown - said the raft of tax cuts would “remove up to 50% of the existing tax code” at a cost of £75bn to the public finances.
The "Boosting Britain" report, which is likely to be influential on a future Reform government, said this would amount to a programme of "radical reform to Britain’s financial system and tax code".
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It would "raise productivity and living standards" by generating "better-paid jobs, higher retirement incomes, higher business investment, more businesses starting and scaling".
The report warned tax changes would need to be matched by a "broader reduction in public spending" to "avoid the experience of 2022" - a reference to the market meltdown triggered by Liz Truss's mini-budget.
It does not spell out exactly how tax changes could be matched with spending cuts, but suggests it could involve winding up the public pension scheme for new teachers and civil servants and abolishing the state pension.
The state pension is predicted to cost the government £146.1bn in 2025 to 2026, according to the Department for Work and Pensions.
It says the state pension should instead be transformed into an "Australian-style, non-contributory, means-tested safety net".
A so-called “lifetime investment account” would take its place, starting with an £1,000 state contribution issued at birth, with account-holders' contributions gradually increased to at least 15% of earnings.
The think tank - founded last year - was previously chaired by James Orr, Reform UK’s former head of policy who was suspended last month after being filmed in an undercover sting appearing to suggest how to get around electoral laws restricting foreign donations to political parties.
He has denied wrongdoing.