Nigel Farage Reform UK unveils plans for a £140billion tax-slashing splurge. But economic experts trash the sums in the manifesto saying they ‘do not add up’
Nigel Farage has unveiled plans for £140 billion in tax cuts that would pave the way for major cuts to public services, but the plans are said to be unsuccessful.
The leader of the UK Reform Party has admitted that an “agreement” with voters gives him no chance of winning a general election, but insists he wants to be Prime Minister in 2029.
The draft includes draconian plans to freeze all non-essential immigration, impose a tax on businesses that employ foreign workers and turn back migrant boats in the Channel. It also calls for benefits to be cut if people cannot find work within four months.
The Reform UK plan also includes lavish perks such as raising the income tax threshold from £12,571 to £20,000 and the higher rate threshold from £50,000 to £70,000.
Stamp duty on assets under £750,000 will be abolished, as will inheritance tax on assets under £2 million. Reformers claim these huge promises can be paid for by “massive cuts in public sector bureaucracy” worth £50 billion a year.
But in reality this is likely to mean huge cuts to vital services. Karl Emerson, deputy director of the IFS, said: “Even if we make extremely optimistic assumptions about the level of economic growth, the amounts in this manifesto don’t add up.”
“The reform manifesto sets out clear priorities, but the government will only be able to deliver part of this policy or will have to find other ways to fund it, meaning there are no losers.
There is “much more to the reform cost-saving plans” than a tough crackdown on waste, he said. It will almost certainly require significant cuts in the quantity or quality of public services.”