Council taxpayers across the UK might soon see a reduction in their bills, according to Reform UK.
The party has unveiled plans that could cut up to £350 off annual council tax by rethinking how local authority pension funds are managed.
Deputy leader Richard Tice used a press conference this morning to outline a strategy aimed at boosting pension fund performance, which he says is currently costing taxpayers as much as £10 billion each year.
Challenging ESG Priorities and Underperformance
Tice and Reform UK’s waste chief, Zia Yusuf, argue that many pension funds have been hampered by environmental, social, and governance (ESG) goals, which they claim have reduced returns.
The party wants these priorities removed and under-performing fund managers replaced.
The plan would focus pension schemes on maximizing financial returns while also encouraging investments in local projects, such as housing developments.
How Savings Could Benefit Taxpayers
Reform UK says the money recovered from these changes could be used in two ways: either to lower council tax bills or to boost local social care services.
In an interview with the Telegraph, Mr. Tice criticized the current system: “A gravy train culture has developed where everyone can overcharge, no one is held to account for underperformance, and the taxpayer is taken for a ride.
Reform is calling an end to this financial mismanagement and abuse.”
Exorbitant Fees Add to the Problem
Reform UK also analyzed 13 councils and found that they were paying excessive fees to manage pension funds—overpaying by as much as £265 million annually.
When these figures are extrapolated across the UK, Tice says the numbers reach into the billions, highlighting what he sees as widespread inefficiency and overspending.
