Nigel Farage is facing criticism for his proposed cuts to public services and pensions, with his party, Reform, being labeled as “vultures” by detractors. During a speech in the City of London, the Reform UK leader abandoned tax pledges amounting to billions of pounds but indicated plans for welfare reductions and significant cuts in public spending if his party gains power. Farage expressed discontent over what he perceived as missed opportunities following Brexit, foreseeing potential economic turmoil leading to a general election in 2027.
Farage refrained from committing to maintaining the pensions triple lock if elected, and he suggested lowering the minimum wage for young workers while reiterating his controversial scheme to assist wealthy foreign tycoons in tax avoidance. Critics accused him of proposing an inconsistent budget that favors hedge funds and financial speculators over ordinary workers.
Furthermore, Farage acknowledged the challenges of implementing sweeping tax cuts, admitting that significant reductions in the current economic climate may not be feasible. He reiterated his intention to introduce a Britannia Card, allowing wealthy overseas individuals to pay £250,000 to avoid taxes on foreign earnings and inheritance. Additionally, he hinted at the possibility of reducing the minimum wage for young workers, citing the lowered National Insurance Contributions threshold.
Reform’s previous manifesto outlined tax cut proposals amounting to a third of the NHS budget, including raising the personal allowance and introducing tax exemptions for companies and select high street businesses. However, independent analysis by the Institute for Fiscal Studies deemed these plans problematic and more costly than claimed by Reform.
In response to Farage’s speech, TUC general secretary Paul Nowak criticized Reform as the party of austerity, accusing Farage of advocating for policies that would further cut public services and endanger jobs in sectors like electric vehicles and green technology. Nowak warned of potential negative impacts on workers’ rights and environmental standards, labeling Farage’s economic approach as destructive and favoring wealthy elites over working-class citizens.
Labour echoed similar sentiments, condemning Farage’s proposed return to austerity measures and highlighting the potential risks to public services and infrastructure investments. Farage, in his speech, criticized the government for hindering business growth and emphasized the importance of retaining high-earning individuals in the country to ensure tax revenue for the benefit of society at large.
Tory Shadow Chancellor Sir Mel Stride criticized Farage’s economic proposals as lacking substance and potentially causing chaos, pointing out the absence of concrete solutions for funding promises and the party’s intention to seize private assets. Stride dismissed Reform’s strategy as detrimental to the British economy, characterizing it as disorderly and unsustainable.
