Nigel Farage has been accused of leaving a multibillion-pound black hole in Reform UK's spending plans after unveiling expensive policy pledges without explaining how they would be funded. The Reform UK leader promised up to £80bn of new spending, including scrapping the two-child benefit cap and increasing winter fuel payments, but failed to specify how these would be paid for.
Helen Miller, deputy director of the Institute for Fiscal Studies, warned of a lack of specificity about the cuts to public services needed to implement the plan. One of Farage's main revenue-raising proposals is scrapping the net zero target by 2050, which he claimed would save £45bn a year. However, Jill Rutter of the Institute for Government said the figure included private sector investment that would not generate government revenue.
Labour accused Reform of making 'fantasy promises', while the Liberal Democrats called the speech 'Trussonomics on steroids'. Farage admitted his sums might not add up but insisted they gave 'an idea of direction, policy, of priorities'. He refused to guarantee keeping the pensions triple lock, which ensures the state pension rises by the highest of inflation, earnings growth or 2.5% a year.
The IFS calculated that when added to a separate promise to raise the income tax threshold to £20,000, the policies could cost between £50bn and £80bn a year. Farage also promised more generous tax breaks for married couples and stricter abortion controls, saying the current 24-week limit was 'ludicrous'.
