NIGEL Farage has committed to cutting spending before implementing significant tax reductions as part of his strategy to enhance his party's economic reputation.
The party has decided to abandon its promise to reduce taxes by £90 billion as it navigates the UK's debt crisis.
Nigel Farage is set to outline his economic plans for the UK in a significant speech in the upcoming weeks.
Mr. Farage stated that he will deliver a “thorough and fully-costed manifesto” in response to criticism from the Conservatives regarding the management of the nation's finances.
He remarked: “At the next election, we will introduce a thorough and fully-costed manifesto. Reform will never borrow to spend, as Labour and the Conservatives have done for so long.”
He informed The Times: “Instead, we will ensure that savings are made prior to implementing cuts.”
Mr. Farage made this statement ahead of a major economic speech he will deliver in the coming weeks.
New policies are anticipated, with commitments to reduce fuel duty, income tax, and corporation tax being set aside in a significant shift of strategy.
This is likely to occur before the Budget on November 26, where he will outline plans to address a financial shortfall of approximately £30 billion.
The deputy leader of Reform insisted today that the principles of the manifesto are “absolutely solid” despite the actual pledges being dropped.
He told Times Radio: “A manifesto reflects a specific point in time. The principles behind it are absolutely solid.
“We stated that we must achieve substantial savings to fund a different approach to managing the economy.
“What has transpired since then is that the state of the economy, due to the mismanagement by this Labour government, has deteriorated significantly. We will be focusing relentlessly, as I have been stating, on achieving savings.”
He also mentioned that plans to lower the income tax threshold to £20,000 will now be considered an “aspiration.” It will no longer be a priority within the first 100 days if Reform assumes office.
He said raising the income tax threshold to £20,000 will be viewed as an “aspiration” rather than an immediate goal for the first 100 days:
The alteration in the economic plan comes as the Institute for Fiscal Studies think tank suggested that the government could impose a one-time tax on wealth to appease the left wing of the Labour party.
The wealthy would have limited time to relocate their assets if the tax were to be levied only once.
However, he responded: “It’s a dreadful idea. All evidence globally shows that and many people have written back to me. It’s a terrible concept.
“What Reform would do is attract back all the successful individuals, the entrepreneurs who are leaving the country, fleeing in fear of the increased taxes from this government.”
