Reform UK held its first-ever Business Day at its annual conference in Birmingham, hoping to convince industry chiefs the party is ready for government.
Policy guru Dr James Orr described Reform’s economic philosophy as “The New Right,” a term he distinguished from “hyper-Thatcherism” and nationalism, favouring instead a “patriotism” built on a “basic love of home.”
Orr called The New Right a “recovery of what you might call the politics of hope” and spoke of “cultivating the first-person-plural — a sense of we.”
The intellectual framing proved difficult to translate for industry figures paying hundreds of pounds to attend the event and seeking clear economic signals.
One source revealed that a group of advisers were once tasked with giving a presentation to City investors with the essay question: “Explain the incoherence of Reform’s economic policy.”
Banking delegates were particularly eager to hear from economic spokesman Robert Jenrick, especially after Nigel Farage said at Davos this year he would tax the banks because he didn’t like them.
Jenrick, a former City lawyer, did not completely rule out backing a higher tax on banks but insisted there was no current commitment, while sources said the party did not support tax hikes.
He teased an upcoming announcement for the financial and professional services sector covering deregulation of areas such as capital requirements and ring-fencing, raising cautious interest among delegates.
The party is also set to rewrite the Britannia Card, its offer to wealthy foreign investors who have left the country, as part of its broader pitch to the financial community.
Any momentum from the Business Day was dramatically interrupted when Channel 4 News broadcast an undercover investigation during the conference dinner with Farage and senior party figures.
The sting operation filmed Orr and Dan Jukes, described as Farage’s closest aide, appearing to arrange a foreign donation through a middleman, with boasts about how easy it was to get away with.
Farage held his nerve during the dinner, joking about clashes with FTSE 250 executives including Vodafone and Serco, though one attendee said he looked less energetic than usual.
The following day, Orr and Jukes were suspended pending an investigation, with party chairman Lee Anderson telling broadcasters they would not return to the top of the party.
Farage dismissed the footage as “loose pub talk” and insisted Reform had not taken cash by illegal means, though the episode overshadowed a planned announcement about a deal with France’s National Rally.
A Reform-linked source expressed bafflement that Orr and Jukes would take such risks over a proposed £35,000 donation, given the party had already boosted reserves through donations from crypto investors Ben Delo and Christopher Harborne.
The scandal compounded existing concerns among business representatives who already feel uneasy about handing money to Reform, according to sources close to the party.
Jenrick is set to embark on a pre-Budget roadshow travelling across London and New York to meet finance bosses directly and make the case for Reform’s fiscal plans.
One senior industry group figure who regularly speaks to government ministers was disappointed to receive no meetings with Reform during the conference, a complaint that was not made in isolation.
Looming threats of Electoral Commission and Metropolitan Police investigations may prompt business chiefs to adopt a wait-and-see approach before deepening any relationship with the party.
Reform has remained top in the polls despite six months of intense scrutiny over donations, and should that lead hold over the next three months, confidence inside the party that Farage can survive the row is likely to grow.
The City’s verdict remains clear: Reform must prove it is ready for government rather than simply promise that it is.