CFABB Urges Scrapping State Pension and £75 Billion Tax Cuts Before UK Budget
Updated
Updated · The Guardian · Sep 23
CFABB Urges Scrapping State Pension and £75 Billion Tax Cuts Before UK Budget
3 articles · Updated · The Guardian · Sep 23
Summary
A 183-page CFABB report proposes abolishing the UK state pension, replacing it with means-tested support and personal retirement accounts seeded with £1,000 at birth.
The thinktank says the overhaul would lift productivity and living standards, arguing the current pension is a “Ponzi scheme” and that taxes such as capital gains, inheritance and stamp duty drive wealth and investment away.
£75 billion in tax cuts would include slashing corporation tax to 15% from 25% over eight years and removing up to 50% of the existing tax code, though the report does not fully spell out matching spending cuts.
Some savings ideas include closing public-sector pension schemes to new teachers and civil servants; the state pension alone is forecast by the DWP to cost £146.1 billion in 2025-26.
The proposals, launched by a thinktank closely linked to Reform UK but not formally adopted by the party, arrive weeks before Prime Minister Andy Burnham’s government unveils its first budget.