NIGEL Farage has pledged to reduce government spending prior to introducing significant tax cuts as part of a strategy to enhance his party’s economic credibility. The leader of Reform UK has opted to abandon a previous commitment to slash taxes by £90 billion amidst the UK’s ongoing debt crisis, reports BritPanorama.
In his latest announcement, Mr. Farage stated that a “rigorous and fully-costed manifesto” will be revealed to counter criticism from the Conservative party regarding financial management. He emphasized the need for solid fiscal policy, declaring, “At the next election, we will present a rigorous and fully-costed manifesto. Reform will never borrow to spend, as Labour and the Tories have done for so long.”
Addressing The Times, he reiterated, “Instead, we will ensure savings are made before implementing cuts.” This statement precedes his upcoming major speech on the economy, where further details are expected.
New policies are anticipated, with prior proposals for cuts to fuel duty, income tax, and corporation tax being sidelined. These changes are likely to be released before the Budget announcement on November 26, where Chancellor Rachel Reeves is expected to address a financial shortfall estimated at approximately £30 billion.
Reform UK’s deputy leader, Richard Tice, maintained that the core principles of the manifesto remain “absolutely rock solid” despite the suspension of specific pledges. He stated on Times Radio, “A manifesto is based on a point in time. The principles behind it are absolutely rock solid.”
Mr. Tice acknowledged the exigent need for significant savings to reshape economic management: “What’s happened since then is that the state of the economy, because of the mismanagement by this Labour government, the numbers have got far worse. And we will be focusing relentlessly, as I’ve been saying, on the savings.”
He also mentioned that plans to lower the income tax threshold to £20,000 will now be viewed as an “aspiration” rather than a priority for the initial 100 days should Reform come to power. “The change of economic plan comes as the Institute for Fiscal Studies think-tank indicates that the Chancellor could implement a one-off tax on wealth to appease left-leaning elements within the Labour party,” he noted.
Mr. Tice criticized the potential wealth tax, calling it “a terrible idea” and highlighted, “What reform would do is we will attract back all of the successful people, the entrepreneurs who are leaving the country, fleeing the country in fright at the increased taxes from this government.”
