Newscast: The Robert Jenrick Interview – What's Reform's Economic Plan?

Podcast: Newscast (BBC News)
Date: February 18, 2026
Host: BBC Newscast Host
Guest: Robert Jenrick (Shadow Chancellor, Reform UK)

Episode Overview

This episode features an in-depth interview with Robert Jenrick, recently appointed as the "shadow Chancellor" for Reform UK following his high-profile defection from the Conservatives. The discussion explores Reform's economic vision, focusing on fiscal responsibility, welfare reform, industrial strategy, and the evolution of party policy under new leadership. The tone is lively yet serious, balancing policy deep-dives with insights into internal party dynamics.

Key Topics and Insights

1. Arrival at Reform UK: Energy and New Dynamics

• Jenrick recounts the atmosphere at Reform events, highlighting the large, diverse crowds and sense of momentum.
  • “2000 people turned up in 48 hours. And I don’t believe… I don’t think Conservatives could have put on an event like that.” (03:37)
• Differences between Reform and Conservative rallies, with more working people and "tradesmen" attending Reform events, leading to novel anecdotes (e.g., reclaiming pen knives at rallies).
  • “It meant that basically 40 men and women who'd been out, you know, doing a day's work as a bricky, plumber, electrician… just decided to register, come and watch a political event.” (05:06)

2. Fiscal Responsibility and Bond Market Credibility

• Jenrick stresses the importance of economic stability and fiscal prudence, positioning Reform as a responsible alternative.
  • “Who suffers when there's a loss of credibility in the government… working people, pensioners, people on lower incomes.” (06:05)
• Clear distancing from unfunded promises, learning from the Truss government’s mistakes.
  • “We’re not going to play fast and loose with this. We saw what happened with Liz Truss — complete disaster. And it was normal people... who suffered.” (07:05)

3. Tax and Spending: No Rash Promises

• Tax cuts are an ambition, but only after credible, sustainable savings are identified.
  • “I’m not going to say we’re going to cut taxes until I found savings which we can prove are serious and sustainable.” (07:59)
• Emphasis on targeting inflation, energy prices, and building to improve living standards before committing to tax relief.

4. Office for Budget Responsibility (OBR): Reform, Not Abolition

• Jenrick explains a change in Reform UK's stance: retaining the OBR but reforming it for greater accuracy and transparency.
  • “We will keep the OBR, but we are going to reform it. We're going to ensure that we bring in more people from the outside, from the private sector… create more competition…” (10:37)
• Acknowledges past mistakes by the OBR but underlines the need for independent fiscal oversight.

5. Welfare Reform: From Caps to Scrutiny of Eligibility

• Jenrick confirms a shift to reimpose the two-child benefit cap, citing the need for fiscal discipline.
  • “The problem is we just haven’t got any money right now. The public finances are in a real mess… If there was a reform government… we would reinstate the cap.” (13:17)
• Welfare system overhaul: focus on targeting benefits to the most vulnerable while eliminating what he describes as excesses or “unfairness.”
  • “Is it right that [someone with] mild anxiety… therefore gets benefits? Most people… would be very skeptical.” (19:13)
  • Requirement for in-person clinical assessments for disability benefits, reduction in coverage for "minor" conditions.

6. Party Policy Evolution and Internal Debate

• The host probes Jenrick on major Reform policy reversals (e.g., OBR, child benefit cap) and why he joined a party where he had to persuade the leadership to change its stance.
  • Jenrick credits Reform's historic positions on immigration and opposition to "net zero” for drawing him in, while conceding the need for credibility on economic policy.
  • “Are there some other things that we can improve to increase people's confidence in the party, particularly on the economy? Yes, and I hope that people can see today that we're doing so.” (16:16)

7. Welfare Savings: Targets and Approach

• Cautions against “back of the envelope” savings figures; aims for rigor in identifying and implementing cuts.
  • “We're not just going to do stuff on the back of an envelope… we'll show our workings… only once we've done that will we say how we'll spend that money.” (22:01)
• Claims £25bn in identified cuts, to come from restricting benefits to non-citizens, raising the immigration health surcharge, and other measures.
  • “Those are savings that Zia Yousef and Richard Tice developed last year… I’ve gone through those numbers, I’m confident that they are accurate…” (23:02)

8. Industrial Policy: Reindustrialization and Energy

• Jenrick calls for reindustrialization through lower energy prices, opposing “net zero” as deindustrializing.
  • “I saw for myself… the impact that the loss of industry… had… There was a loss of identity and pride that came with it… We're a country that makes so little…” (25:04)
• Warns businesses of impending policy shifts, urging them to adapt now for a possible Reform-led government.
  • “My advice to businesses would be you should be looking to change your business model now…” (32:12)

9. Contracts and Rule of Law Concerns

• When challenged on renewable energy contracts, Jenrick signals willingness to override existing agreements to achieve new policy goals.
  • BBC Host: “You might rip them up.” (33:41)
  • Jenrick: “Yeah… if I am putting, as Richard Tice has done as well, some of those investors on notice that we may not be able to stand behind those contracts.” (33:42)

10. Political Positioning and Familiarity of Rhetoric

• Discussions about the similarities between Jenrick’s rhetoric and those of previous Shadow Chancellors (e.g., “alarm clock Britain”).
  • BBC Host: “A lot of the areas Robert Jenrick was straying into… are stuff that Shadow Chancellors from all parties have talked about for decades…” (38:13)
  • Jenrick embraces the focus on “Alarm Clock Britain” — those who get up early, work hard, and feel left behind.
  • “Who am I in politics for? Well, it is for people like my dad. It is for the people who… got up on a cold Winter's morning… and went out to do a hard shift at work. That is what reform exists for.” (37:10)

Notable Quotes and Memorable Moments

• On Defection and Reform’s Crowd:
  • “I don’t think Conservative could have put on an event like that… I mean, you certainly don’t see that in the city… It’s the country’s last hope.” – Robert Jenrick (04:59, 05:13)
• On Fiscal Responsibility:
  • “We’re not going to make promises we can’t keep. Everything we say is going to be properly costed…” (07:18)
• On Bond Markets:
  • “The bond markets, by and large, are rational people… they force the government to be serious, to take those trade offs, to look after the public finances carefully.” (06:37)
• On Welfare:
  • “We want a safety net… But if you’ve got a mild condition, like say mild anxiety or mild depression, can the country really afford to do that? No.” (19:15)
• On Policy Flexibility:
  • “What we have said today very clearly is that reform isn’t going to make wild pledges. It’s not going to say we can cut taxes before we found the savings…” (18:18)
• On Business and Net Zero:
  • “I’m not prepared for this country’s economic competitiveness to be destroyed by Ed Miliband and his net zero zealotry… if I am putting… investors on notice that we may not be able to stand behind those contracts… they shouldn’t be investing in this.” (34:07)
• Alarm Clock Britain:
  • “Who am I in politics for? Well, it is for people like my dad… who got up… and went out to do a hard shift at work. That is what Reform exists for… We're not going to forget where we came from or who we're in politics for.” (37:10)

Key Timestamps for Significant Segments

• [03:37] – Reform’s Event Energy; Crowd Composition
• [06:05] – On Bond Markets and Fiscal Stability
• [09:36] – OBR Policy U-turn & Reform, Not Abolition
• [13:17] – Welfare Policy: Two-Child Cap & Fiscal Constraints
• [19:13] – Welfare Reform: Eligibility and Personal Responsibility
• [23:02] – £25bn Spending Cuts: How and Where
• [25:04] – Industrial Policy & National Identity
• [32:12] – Jenrick’s Message to Businesses: Prepare Now
• [33:41] – Question of Honoring Energy Contracts
• [37:10] – “Alarm Clock Britain” and Reform’s Voter Target

Conclusion

This episode offers a comprehensive look at Reform UK’s evolving economic strategy under Robert Jenrick, marked by pledges of prudence, tough welfare reform, and a pro-worker, anti-establishment tone. Jenrick positions himself and Reform as learning from past mistakes, promising rigor over rhetoric. Nevertheless, many of the policy building blocks and rhetorical flourishes echo those of past chancellors, leaving open the question of whether this “new recipe” can genuinely deliver what decades of economic policymaking have not.