Richard Tice has used a major policy speech to outline Reform UK’s plans to “reindustrialise Britain” and set up a “game-changer” sovereign wealth fund which could own British Steel.
Speaking at a steel stockholding business in Dudley, West Midlands, on Tuesday, the Boston and Skegness MP set out his party’s plans to set up a business, trade and energy “super department” that also covers housing.
Mr Tice, who was named as the party’s business, trade and energy spokesman last week, said the new department would reduce energy costs, scrap net zero “madness” and change course on renters’ rights legislation.
Mr Tice said of Britain’s current economic growth rates: “We are now becoming unproductive and our economy is flatlining – and that’s why we have to have a completely different approach.
“I think we all know that our economy is broken.”
Highlighting proposed changes to regulations, trade policy and energy, Mr Tice added: “On trade we’ve got to be relentless pursuing the British national interest.
“Are we really seriously willing to let that be decimated by the growth of Chinese electric vehicles coming in and taking our jobs? I would suggest absolutely not.
“I would suggest we need to be courageous and say we need to bring in tight quotas and significant tariffs, as we have seen other nations do.”
Pledging a Great Repeal Act, repealing laws that are against the UK’s strategic national interest, Mr Tice said a “huge” new sovereign wealth fund under a Reform UK government would invest in energy and other critical sectors.
“We all know that to be a rich nation, you have to have cheap, plentiful energy,” he said. “It’s as simple as that.”
Maximising oil and gas production like Britain did in the past, Mr Tice said, would see “energy treasure from under our feet” used to reduce bills and cut the cost of living.
“What about being patriotic about it?” Mr Tice continued.
“What about saying Lincolnshire gas for Lincolnshire jobs for Lincolnshire growth; Yorkshire gas for Yorkshire jobs for Yorkshire growth?
“It’s our patriotic duty to use our energy treasure.”
He added that the party’s proposed sovereign wealth fund provided an opportunity to invest in critical national assets and “could actually own British steel” – helping to reline its remaining blast furnaces ready for the next 60 years.
“This is such a huge opportunity… it’s an absolute game-changer,” Mr Tice said of the proposed fund.
Appearing alongside party leader Nigel Farage, Mr Tice said: “This is the way forward.
“If we do this we can make our families more prosperous, we can make our communities more prosperous and our country more prosperous.”
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