Farage says substantial tax cuts ‘not realistic’
Nigel Farage said substantial tax cuts were “not realistic at this current moment in time” as he pledged Reform UK would lead the “most pro-business” government in modern history.
The Reform UK leader used a speech in London on Monday to promise sweeping deregulation, arguing the UK had “squandered” Brexit.
He said the party would remove inheritance tax from family farms and family-run businesses and would “raise the thresholds at which people start to pay tax”.
If elected, Reform UK would “substantially cut the benefits bill” and “reduce the size of the public sector”, with Mr Farage adding that all disability claims would be reassessed and “dealt with in person”.
Speaking at Banking Hall in the City of London, Mr Farage said: “We want to cut taxes, of course we do, but we understand substantial tax cuts given the dire state of debt and our finances are not realistic at this current moment in time.
“There are some relatively modest things we would do: We would immediately remove IHT from family farms and from family-run businesses, and we will raise the thresholds at which people start to pay tax to begin the process of getting people out of the 16-hour a week working debt trap that so many people find themselves in.”
The Reform UK leader added: “One of my own great frustrations is that Brexit has been squandered. The opportunity to sensibly deregulate, the opportunity to become competitive globally, all of that has been squandered.
“And the worst thing is that regulations and the way regulators behave with British business is now worse than it was at the time of the Brexit referendum vote.”
He also said: “We will become the most pro-business, pro-entrepreneurship government that has been seen in this country in modern times.
“We will bring into government as advisers or ministers, people with real business expertise in their own sector.”
Mr Farage predicted there would be a general election “caused by economic collapse” in 2027.
He added: “I want as many high-earning people as possible living in this country and paying as much tax as they legally have to, because if the rich leave and the rich don’t pay tax, then the poorer in society will all have to pay more tax.”
One-man band
Mr Farage said Reform UK was “not a one-man band” but had a “broadening team”.
Reform’s manifesto had committed the party to tax cuts worth around a third of the NHS budget, including raising the personal allowance to £20,000, introducing a £100,000 tax-free allowance for companies and exempting some high street firms from business rates.
At the time, the Institute for Fiscal Studies said the plans, along with £50 billion of spending commitments and £150 billion of cuts, were “problematic” and cost far more than Reform claimed.
Labour said Mr Farage’s new proposals would “take us back to austerity”.
A party spokesperson said: “We’ve seen from the councils Reform run that they’ve failed to deliver the savings they already promised and are cutting services and raising taxes as a result.
“They’ve said themselves that those councils are a shop window for what a Reform government would do nationally – we know that this is more empty promises and no real plan.”
Conservative shadow chancellor Sir Mel Stride said Reform could not be taken seriously on the economy “when their promises disintegrate after five minutes, and they remain committed to extra welfare spending and a huge expansion of the state”.
He said: “They are a one-man band and have resorted to junking promises they made only recently in a desperate attempt to appear economically credible.
“In local government they have failed to find savings and are instead planning tax hikes on hard-working families.”
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Not realistic for everyone else except the billionaires that seem to back him.
Cut the wages of the younger generation on min wage unless they are very wealthy, then he will cut the wealthy taxes.
He’s a man with a plan, or rather Putin a plan together. Fund the triple lock pension and the minimum wage in roubles.
The man is a threat to life. Anyone who runs out of money before they run out of month will be annihilated if he gets his persecution agenda going.
Yes. I think there is already an economy for the rich, and another one for the rest.
Poor Nige, he’s realised that people have woken up to his plans to enrich the already wealthy.
Not sure about that. I think there are still plenty of people who will vote for him – even among those who are set to lose the most from a Reform premiership – especially over the border.
farage said lies about brexit as well. He thought trusses tanking the UK was great.
Hows it going?
His paymasters want pay back. farage don’t care for the UK.
The Brexit that he duped people into believing isn’t going well? Who’d have thought it?
He’ll raise or lower whatever his Russian bosses tell him to.
Brexit also benefited Putin by a massive amount. As well as Farage. Funny that.
“promise sweeping deregulation”
More freedoms to wrap tall buildings in flammable material?
More opportunities to sell toxic vapes to kids?
More cowboys blighting homes with dodgy insulation?
More freedoms to carry weapons?
Another chance to collapse capitalism after Thatcher’s big bang was foiled by Gordon Brown in 2008?
Regulations are there for a reason. We need better and properly enforced regulation, not no regulation.
Let us start calling them “protections” instead of “regulations”.
Great news for all those pensioners who intend voting Reform, your triple lock pension is in the firing line. he’s a Lad isn’t he?
Can’t wait to see hundreds of angry pensioners protesting outside Reform offfices across the UK waving “Protect our Pensions” placards. Reform will be coming for your false teeth and hearing aids next. You have been warned.
I’m looking forward to 30p Lee becoming Chancellor of the Exchequer. Don’t laugh, it makes sense given the tripe Farage has presented to the country today.
If Farage had his way there would be no regulation and we’d all be thrown back into the Victorian age of hugely wealthy millionaires and the extremely poor. It’s getting that way now but under Farage the country will get there at lighting speed. Regulation is there to stop ordinary people being used screwed and abused. It’s there to ensure safety and to promote equality. Yes, it costs the business and employer but it’s essential.