Nigel Farage speech LIVE: Reform UK chief anticipated to interrupt main promise after ridicule
Nigel Farage is today formally expected to break his promise of £90billion of tax cuts after he faced a massive backlash.
In a major economic speech at 11am, the Reform UK leader will confirm he’s ripping up his mega tax giveaways.
The plans were previously ridiculed by respected think tank the Institute for Fiscal Studies, who said the sums in Reform’s manifesto “do not add up”. The Brexit champion is also expected to defend leaving the EU, after Rachel Reeves blamed Brexit for the state of the British economy.
Follow live updates below…
What did Farage originally promise?
During last year’s election campaign, Reform UK set out its “contract” with voters which included mega tax giveaways.
It included proposals to lift the income tax threshold to £20,000-per-year in a move that would save “every worker almost £1,500 per year”. A £90billion giveaway also included plans to abolish inheritance tax for all estates under £2million, cuts to stamp duty and slashing fuel duty by 20p per litre.
But the plans received a huge backlash, with economists saying the sums don’t add up. The IFS thinktank said slashing taxes by £90billion a year would still see tax revenues higher as a share of the economy than in 2019–20 – and likely cost tens of billions of pounds a year more than predicted.
Farage expected to break promise after ridicule
Nigel Farage is today formally expected to break his promise of £90billion of tax cuts after he faced a massive backlash.
In a major economic speech, the Reform UK leader will confirm he’s ripping up his mega tax giveaways.
The plans were previously ridiculed by respected think tank the Institute for Fiscal Studies, who said the sums in Reform’s manifesto “do not add up”. The Brexit champion is also expected to defend leaving the EU, after Rachel Reeves blamed Brexit for the state of the British economy.
