Nigel Farage has signalled a major shift in Reform UK's economic policy, stating that a future Reform government will not cut taxes until public spending is brought under control. This marks a departure from the party's 2024 election manifesto, which promised £90 billion in tax reductions within the first 100 days, including cuts to stamp duty, fuel duty, and inheritance tax.
In an interview with The Times, Farage said savings would be made first through cuts to Civil Service spending, Net Zero policies, and benefits for foreign nationals, as well as tighter control over the Bank of England. Deputy leader Richard Tice described the previous manifesto pledge to raise the income tax threshold to £20,000 as now merely an 'aspiration', blaming Labour's handling of the economy for the worsened fiscal situation.
The policy reversal has drawn sharp criticism from the Conservatives. Shadow Chancellor Sir Mel Stride accused Reform of 'Corbynism in a different colour', claiming their plans are 'undeliverable, uncosted, and totally detached from reality'. He added that Reform's 'huge unfunded commitments' would have wrecked public finances.
Reform's credibility on fiscal matters has also been questioned locally. In Kent, where the party took control of the council in May with a pledge to cut council tax, the authority's new adult social care chief Diane Morton indicated a likely 5 per cent increase instead. Council papers reveal a £27.9 million overspend against a £1.53 billion budget.
Farage is expected to deliver a policy speech in the coming weeks to counter attacks from both Labour and the Tories. He reiterated that Reform will 'never borrow to spend', insisting that savings must precede any tax cuts.
