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BBC Verify policy and analysis correspondent Ben Chu reports from Reform UK’s conference in Birmingham, where Nigel Farage is aiming to maintain the party’s momentum following the general election. Farage has made bold claims about becoming the next prime minister, prompting greater scrutiny of Reform’s economic plans.
The party has proposed significant government savings by scrapping the country’s attempt to reach net zero carbon emissions by 2050. Reform’s 2024 manifesto suggested annual savings of £30bn for the next 25 years by ending subsidies related to renewable power generation and emission reductions. Richard Tice, the party’s deputy leader, cited the Office for Budget Responsibility (OBR) as agreeing with these figures.
Despite the potential financial benefits, the OBR also highlighted the fiscal costs associated with not reaching net zero targets, as well as the impact on fuel duty receipts. Reform’s tax plans include substantial cuts for individuals and businesses, such as raising the income tax starting threshold to £20,000 and abolishing business rates. These proposed tax cuts would total £88bn a year, almost double the previous government’s tax cuts.
In addition to tax cuts, Reform’s manifesto outlined significant increases in spending, particularly in sectors like healthcare, defence, policing, and prisons. However, the party has pledged to balance these initiatives by cutting waste in government spending. It claimed to identify £50bn a year in savings from government departments and quangos. Critics have raised doubts about the viability of achieving such substantial savings without impacting public services.
If a future Reform government is unable to achieve its pledged savings, borrowing would likely need to increase to support its tax cutting and spending commitments. Despite the party’s ambitious economic plans, uncertainties remain regarding the feasibility and implications of implementing these proposals
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