The Economist has called Farage’s economic plans “a disaster”
Over the weekend, Nigel Farage used a double-page spread in the Daily Mail to set out his “manifesto” for Reform UK, which has been described as “every bit as unhinged and unserious as you’d expect”.
The proposals include raising the income tax threshold to £20,000 and abolishing inheritance tax on estates under £2 million.
Other policies included abandoning net zero in favour of “drill baby drill”, and creating a minister for deportations.
An X user remarked: “Nigel Farage has released Reform UK’s ‘manifesto’ via the Daily Mail, and it’s every bit as unhinged and unserious as you’d expect.”
In a thread, X user Paul May explained why Farage’s proposals would be disastrous. On the income tax proposal, he noted: “Sounds great—until you realise it would cost the UK nearly £50 billion per year in lost revenue.”
He added: “No mention of how it’s paid for. Spoiler: they don’t know. You can’t fund the NHS with vibes.”
He also blasted Farage’s inheritance tax plan. “This helps the wealthiest 4% of the population. Everyone else? Gets nothing. Another few billion lost to help people who already have mansions.”
Given the Home Office is already in charge of migration, he said appointing a minister for deportations is just a scapegoating tactic.
As for ditching net zero, it would violate the UK’s climate change act, breach international law, destroy green investment, and lead to the loss of thousands of future-proof jobs.
“It’s economic vandalism wrapped in fossil fuel nostalgia,” May said.
In a damning indictment, in an story titled: ‘Nigel Farage’s economic plans are a disaster’, The Economist estimated that the annual costs of Reform UK’s manifesto would leave a £100 billion hole in the public finances.
Shadow chancellor Mel Stride has said the manifesto “would spell financial ruin for the UK”.
Adding: “They simply aren’t a serious party of government. Their proposals on income tax cuts alone would cost about a third of the entire NHS budget.”
Even shadow home secretary Chris Philp described Farage’s unfunded plans as “Liz Truss on steroids”. The only issue is, he was chief secretary to the treasury under Truss, and is believed to have been the architect of scrapping the 45p top rate of income tax.
Still, he might have a point.
Olivia Barber is a reporter at Left Foot Forward
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