If nothing else, Reform UK leader Nigel Farage is showing serious blue sky thinking on the economy when it comes to crypto. Speaking at a crypto conference on Wednesday, Farage argued Reform was the “only hope” for the nation’s crypto industry. Speaking at an earlier conference this month, the Reform chief also said he was the industry’s “champion”. Farage plans to create a state-owned £5bn bitcoin reserve while Reform’s proposed crypto bill would slash capital gains tax on crypto gains to 10%, while allowing for payment of taxes in crypto.
Unlike Labour and the Tories – who barely seem to comprehend the finance world has moved on from the 1990s – Farage has grasped the nettle, warning that the Bank of England’s proposed limit on the amount of stablecoins people can hold is “ridiculous”. Reform is also publicly against the creation of a British central bank digital currency, viewing it alongside Sir Keir Starmer’s proposed ID cards as tools of authoritarian control.
Whether such moves would turn the UK into West Korea – or whether a crypto revolution would truly revolutionise Britain – is up for debate. But at least one party is thinking big.
As I argued this week, Reform could also do worse than use Singapore as a model when it comes to bringing down the UK national debt.
Singapore’s CPF forces citizens to save for their own old age and health care – with employers and the state chipping in – with the consequence that Singapore enjoys a well-funded welfare and healthcare system.
Reform’s plans will be refined but at least there is evidence of thinking outside the box. One thing’s for sure: the UK economy is treading water. That has less to do with Brexit and more to do with low productivity, Whitehall groupthink, short-sighted policies, and eye-watering energy costs.
No doubt Reform sees the crypto bros as a voting demographic. But, more than that, there is a realisation that – as with AI – the world is moving on, and the UK needs to make sure it ain’t the one left behind.
With its arc of world class universities and research centres, Britain should be front and centre of this global revolution, not sitting it out on the sidelines.