Podcast Summary: Merryn Talks Money
Episode Title: What Reform Plans to Do If It Takes Over the UK with Richard Tice
Host: Merryn Somerset Webb (Bloomberg)
Guest: Richard Tice (Deputy Leader, Reform UK)
Date: February 11, 2026
Episode Overview
This episode features a timely conversation between host Merryn Somerset Webb and Richard Tice, Deputy Leader of Reform UK. Against a backdrop of political upheaval and the potential early exit of Prime Minister Keir Starmer, Tice outlines what his party would do if it were to win power, focusing on concrete economic and structural reforms for the UK. The discussion is forthright, practical, and peppered with Tice’s signature bluntness on how Britain is “broken” and what immediate steps Reform UK would take to “fix” it.
Key Discussion Points and Insights
1. The Political Context and Reform UK’s Readiness
- Likelihood of Early Election:
- Tice believes an early general election is increasingly likely due to “some form of financial crisis.” (05:35)
- Quote: “Everything since then, all of the data is bad, the borrowing levels are through the roof, there’s no growth, job numbers are dire, and then you've got a management crisis at the top of government.” (05:35)
- Reform UK is preparing for government, organizing “seven working groups” on key economic areas.
- Quote: “I've got seven working groups in different areas… financial governance and regulation, pensions and savings, SME growth capital and taxation.” (06:34)
- Tice believes an early general election is increasingly likely due to “some form of financial crisis.” (05:35)
- Cutting Teeth in Local Government:
- Their experience running twelve local councils is building management capability and practical knowledge.
- Quote: “We’re cutting our teeth... liaise every week closely with our leaders and in a sense that is giving us some really good experiences...” (08:55)
- Their experience running twelve local councils is building management capability and practical knowledge.
2. Overhauling the Civil Service and Government Management
- Business-Minded Governance:
- Tice criticizes the dominance of policy “wonks” and special advisers, arguing that Reform UK will offer “serious business people with a track record of running businesses.”
- Quote: “We’re just tougher, we’re stronger... we’ve got a much clearer principled view in our gut, in our heart, as to what needs to be done to create growth.” (07:20)
- Tice criticizes the dominance of policy “wonks” and special advisers, arguing that Reform UK will offer “serious business people with a track record of running businesses.”
- Shifting Decision-Making:
- Emphasizes ministers as decisive, stating: “advisors advise and ministers should decide, not advisors.” (07:45)
- Consequences and Risks:
- Asserts that taking calculated risks is essential to drive value and growth. (08:12)
3. Immediate Actions If Elected
- Fast-Track Policy Moves:
- ECHR and Human Rights Act:
- Immediate notice to leave the European Convention on Human Rights and abolish the Human Rights Act to stop “lawfare” and governmental paralysis. (09:59)
- Scrapping Net Zero:
- Calls net zero “the most catastrophic policy of financial self harm.” (09:59)
- Energy Bills Impact:
- Predicts energy bills would drop rapidly, citing high carbon taxes and levies as the main culprit in expensive domestic energy.
- Quote: “All of the carbon taxes and levies... form the majority now of people's domestic energy bills... change to their energy bills... cut wasteful spending immediately, cut daft regulations...” (10:52)
- Immigration Reform:
- Would “restrict legal immigration to a net zero number” and stop paying welfare to overseas nationals. (11:58, 12:29)
- Quote: “People come to the UK to work. Well, the clue's in the name work. So we wouldn't be paying welfare on that.” (12:29)
- Would “restrict legal immigration to a net zero number” and stop paying welfare to overseas nationals. (11:58, 12:29)
- ECHR and Human Rights Act:
4. Net Zero and UK Manufacturing
- Economic Rationale for Scrapping Net Zero:
- Argues that cheap energy is the foundation of a rich nation, drawing contrasts with US growth. (15:48)
- Quote: “You cannot be a rich nation without cheap energy. There’s a reason the US is growing at 3.5–4% a year. And we’re flatlining. We've got the most expensive energy, electricity in the world.” (15:48)
- Impact on Industry:
- Tice claims energy bills for manufacturers could drop by “give or take a third over two years.” (15:48)
- Responds to critics by questioning the real value of “green jobs” and suggesting many are reclassified, not created. (17:07)
- Quote: “They're desperate when they have to redesignate plumbers and carpenters as green jobs...” (17:07)
- Warns about UK industry suffering under current auto-import policies, particularly Chinese EVs. (16:28)
5. Tax Policy and Fiscal Reform
- Laffer Curve Principle:
- Affirmed support for lower taxes to stimulate economic growth; host and guest agree. (17:47)
- Scottish Tax Policy:
- Reform UK advocates for Scottish competition via lower income tax rates than England, echoing host’s belief Scotland could “become the richest country... in Europe extremely quickly by slashing income tax well below that in the rest of the UK.” (18:53)
- Quote: “Tax competition is also a good thing. So why not have that competitive edge and tension?” (18:18)
- Reform UK advocates for Scottish competition via lower income tax rates than England, echoing host’s belief Scotland could “become the richest country... in Europe extremely quickly by slashing income tax well below that in the rest of the UK.” (18:53)
- Reform’s Growing Popularity in Scotland:
- Tice asserts Reform UK is now the main alternative to the SNP, with local polling gains. (19:21–19:53)
- Clarifies the party is “120% a unionist party.” (20:24)
6. Capital Markets and Innovation
- Concerns Over UK Stock Market:
- Tice promises focus on the declining UK stock market, SME funding, IPO drought, and excessive FCA regulations. (21:13–21:27)
- Quote: "Why are IPOs down 80% in the last decade? Why is the FCA impinging on so many areas that it doesn't need to?" (21:27)
- Tice promises focus on the declining UK stock market, SME funding, IPO drought, and excessive FCA regulations. (21:13–21:27)
- Capital Gains Tax and Crypto:
- Reform UK proposes to make the UK a “crypto hub” and potentially lower capital gains tax on crypto to “attract and retain talent.” (23:36–24:03)
- Quote: “Let’s make it easy, cheap, transparent, tax attractive...” (23:36)
- Suggests interest in lowering capital gains tax “on everything... it’s just a case of timing and scale.” (24:21)
- Reform UK proposes to make the UK a “crypto hub” and potentially lower capital gains tax on crypto to “attract and retain talent.” (23:36–24:03)
Notable Quotes and Memorable Moments
- On Cutting the Civil Service Knot:
- “Advisors advise, directors decide, and in politics, advisors advise and ministers should decide, not advisors.” (07:45)
- On Scrap Net Zero and Energy Prices:
- “We would scrap Netstupid zero, which is the most catastrophic policy of financial self harm voluntarily imposed on the nation by Westminster politicians.” (09:59)
- “You cannot be a rich nation without cheap energy.” (15:48)
- On UK Immigration Policy:
- “We would build the welfare bill down by basically not paying welfare to any overseas nationals... People come to the UK to work. Well, the clues in the name work.” (12:29)
- On UK Stock Market Health:
- “We need to make it simpler, easier and more attractive for people to want to stay here. So I’m very, very focused on it indeed.” (21:13)
- On Bitcoin and Talent Attraction:
- “Let’s bring it onshore... make it easy. Cheap, transparent, tax attractive.” (23:36)
Timestamps for Important Segments
- [03:43] – The likelihood of Starmer’s exit and the urgency of Reform UK's readiness
- [05:35] – The increasing odds of an early election and Reform UK’s preparations
- [07:20] – Why Reform UK is different: from policy “wonks” to business-minded governance
- [08:55] – Lessons learned running local councils
- [09:59] – What would happen immediately if Reform UK won: ECHR, Net Zero, immigration
- [10:52] – Energy prices, carbon taxes, pledges to cut bills and regulations
- [11:58] – Immigration and the welfare system overhaul
- [15:48] – Net Zero and energy: claimed price reductions, impact on manufacturing
- [17:47] – Laffer Curve, tax philosophy, and Scottish tax policy
- [21:13] – Worries about the UK stock market and possible reforms
- [23:36] – Crypto policy, capital gains tax, and financial innovation
Tone and Language
The conversation is forthright and pragmatic, with both Merryn Somerset Webb and Richard Tice maintaining a tone that is direct but curious. Tice is especially bold, sometimes populist, and unafraid of controversy when discussing policies around Net Zero, energy, and civil service reform. Merryn’s style is probing and insightful, pushing for specifics and challenging statements with nuanced questions.
For Listeners Who Missed It
This episode provides a comprehensive, candid picture of what Reform UK would seek to prioritize if ushered into Downing Street—immediate withdrawal from the ECHR, abolishing net zero targets, radical changes to energy and immigration policy, and strong support for a freer, more competitive UK stock market. Tice frames these ideas in the language of business efficiency, quick wins, and a willingness to challenge established political orthodoxies. The show offers a robust preview of what a post-Starmer UK might look like under Reform UK—and is required listening for anyone interested in UK economics, political disruption, or the intersection of policy and markets.