Nigel Farage has stepped back from his party’s flagship pledge to slash £90bn in taxes, saying the policy had always been an “aspiration” rather than a firm commitment. The Reform UK leader accused both Labour and the Conservatives of having “wrecked the public finances”, warning that spending must be brought under control before any major tax cuts could happen.
Farage distances himself from manifesto promises
Speaking at a business event in the City of London, Farage denied that the move amounted to a broken promise, insisting the 2024 manifesto pledges had been made before the full extent of the UK’s economic challenges became clear.
“I can’t tell you what the economy will look like by the next election,” he said. “Those plans were aspirations. Today, we’re being realistic about the state of the economy.”
Reform’s manifesto had included a sweeping plan to raise the tax-free threshold to £20,000 and deliver cuts worth roughly a third of the NHS budget. Economists, however, criticised the proposals as “unrealistic”, given the party had also promised £50bn in new spending alongside £150bn in cuts, with no clear details of where those savings would come from.
Focus shifts to spending control and modest tax changes
Farage said his party’s priority was to curb public spending before introducing any significant tax reforms. He hinted at smaller measures, such as scrapping inheritance tax on farms and modestly raising tax thresholds, but ruled out sweeping cuts in the short term.
He also refused to guarantee the continuation of the pensions triple lock, projected to cost £15.5bn by 2030, and suggested Reform was reviewing public sector pension structures, describing the current system’s management fees as “exorbitant”.
“There’s an argument that the minimum wage is too high for younger workers,” he added, suggesting that the government’s workers’ rights bill “hurts small businesses” and stifles growth.
Welfare cuts and Brexit defence
Farage confirmed that Reform would push ahead with deep cuts to welfare spending, including disability benefits. The party has claimed it could save £9bn by scrapping Personal Independence Payments (PIP) for people with low-level anxiety — though the figure has been widely disputed.
He also defended his record on Brexit, saying the economic opportunities of leaving the EU had been “squandered” by successive governments. “The chance to deregulate sensibly and become globally competitive has been wasted,” he said. “Regulation is now worse than it was at the time of the Brexit referendum.”
Farage defends high earners amid tax exodus fears
The Reform UK leader criticised the abolition of the non-dom tax regime, arguing that it was driving wealthy individuals out of the country.
“I want as many high earners as possible living in this country and paying tax here,” he said. “If the rich leave, the poor will have to pay more — it’s as simple as that.”
Farage added that his party would remove the two-child benefit cap, but only for working British couples on low incomes.
A party trying to balance credibility and populism
Farage’s comments underline the challenge facing Reform UK as it seeks to move from a protest movement to a party with economic credibility.
He declined to name who might serve as chancellor in a future Reform government, though deputy leader Richard Tice currently acts as the party’s economic spokesperson.
“This is a work in progress,” Farage said. “It’s not a one-man band. It’s a growing team.”
