CFABB Calls for State Pension Abolition and Radical Tax Cuts

A think tank linked to Reform UK has proposed radical changes to Britain's financial system and tax code. The Centre for a Better Britain (CFABB) wants to abolish the state pension, replacing it with a means-tested safety net for the poorest. Children at birth would receive a £1,000 'lifetime investment account', which could be topped up by 15% of earnings.

The report also suggests scrapping capital gains tax and inheritance tax, which it claims encourages people to move their wealth out of Britain. Stamp Duty Land Tax and Stamp Duty on shares should also be abolished, the CFABB argues. Corporation tax is 'internationally uncompetitive' at 25%, and should be reduced to 15% over eight years.

The Bank of England's senior bosses would have their pay linked to hitting inflation targets, currently set at 2%. This includes Governor Andrew Bailey. Public spending would need to be slashed to accommodate the tax changes, but the report stops short of explaining exactly how the measures would be paid for with cuts elsewhere.