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Reform UK leader Nigel Farage has changed his party’s stance on delivering substantial tax cuts worth £90bn annually. The previous promise made ahead of the last general election included proposals to slash corporation tax, reduce stamp duty on home purchases, and increase the income tax threshold. However, Farage acknowledged the current dire state of public finances, stating that significant tax cuts are not currently feasible.
Farage indicated that if Reform were to secure victory in the next election, they would implement more modest changes, such as raising tax thresholds and immediately eliminating inheritance tax for family farms and family-run businesses. The party’s manifesto from the previous election also aimed to reduce wasteful government spending by approximately £50bn per year, in addition to the proposed tax cuts.
Critics, including the Institute for Fiscal Studies, expressed skepticism regarding Reform’s economic plans, arguing that the party’s intended spending cuts may not generate the anticipated savings while the tax reductions could result in higher costs. Both Labour and the Conservatives have criticized Farage for making unfunded spending commitments. In response, Farage defended his party’s vision for the economy, accusing the main parties of failing to address public spending and allowing national debt to escalate.
During a comprehensive speech outlining Reform UK’s economic stance, Farage emphasized the need for responsible fiscal management in light of the country’s financial challenges. He highlighted the importance of addressing public finances before implementing significant tax cuts. Farage reassured that the party’s goal remains to increase the income tax threshold to £20,000, emphasizing the importance of incentivizing individuals to work. Despite facing questions about reliability due to policy reversals, Farage underscored the necessity of addressing the critical state of the economy before committing to major tax reforms
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