REFORM moved to the open embrace of neoliberalism today as its new “shadow chancellor” pledged to keep key economic decisions outside democratic control and restore the two-child benefit cap.

Former Tory Robert Jenrick, confirmed as Reform’s economic lead this week, said that a Reform government would retain both the independence of the Bank of England in setting interest rates and the Office for Budget Responsibility (OBR).

The OBR vets government spending plans and has been used by both Labour and the Tories to endorse austerity economics.

He also reversed previous policy on the cruel two-child benefit cap. Party leader Nigel Farage had previously said it would be dropped for “British-born” parents in work, but Mr Jenrick said it would be reinstated “in full.”

Mr Farage had also described the OBR as “a Blairite-style quango effectively dictating to elected politicians what they should or should not do.”

But Mr Jenrick used his first speech in his new role to say Reform would keep it in place as he discarded one populist pledge after another.

He said: “The OBR is far from perfect. But the impetus for its creation was a desire to instil fiscal discipline, and that is something we wholeheartedly endorse.

“Rather than abolish it, we will reform it.”

Mr Jenrick criticised the body for allegedly overstating the benefits of immigration.

He also committed to retaining the independence of the Bank of England and said he would put “restoring stability and eliminating wasteful spending at the heart of Reform’s economic pitch.”

Mr Jenrick was praised by Rupert Harrison, chief of staff to austerity architect George Osborne, who said: “Sensible and obvious first move from Robert Jenrick to de-risk Reform’s economic policy.”