Farage unveils Reform UK’s £140bn commitments that economists claim ‘does not add up’

Nigel Farage’s Reform UK manifesto, which he released on Tuesday, contained a number of populist promises and massive tax cuts. It also included £140bn worth of spending commitments. Economists said that the numbers “did not add up”.

The Conservative Party, which has been struggling to combat the growing Reform threat in the UK, accused Farage as being part of “a great entertainment machine”, and not someone who could be governing the country.

Labour strategists do not believe that Reform, which launched its manifesto in the heartland of the opposition, south Wales, represents a serious threat because it is so badly organised and likely had its votes squeezed by Tories on the election day.

Farage said, however, that he wanted Reform UK establish a “bridgehead”, in parliament, with the view to a complete assault in five year’s time. This suggests he could end up in No. 10 after the next general elections.

Farage, launching his party’s election promises, said: “We don’t pretend that we will win this general elections. This election is a first step for my party and me on the way to 2029.

“Our ambition is establishing a bridgehead within parliament and becoming a real opponent to a Labour Government.”

Reform UK’s plan entails spending an additional £141bn per year on tax reductions and other policy commitments. This is paid for through £156bn in savings from public expenditures and the assumption that increased tax revenues will result from economic growth.

The Institute for Fiscal Studies said that the plans of the party were “extremely optimistic assumptions” regarding growth, and the numbers “does not add up”, making the manifesto “problematic”.

The report added that “While Reform’s manifesto provides a clear sense for priority, a Government could only implement portions of this package or would have to find ways to pay for it. This would result in losers who are not specified.”

Reform’s tax-cutting plans included raising the income tax threshold to £20,000 per year, eliminating stamp duty, scrapping the VAT on energy bills, and removing inheritance tax from all estates below £2m.

Farage was asked to compare the plans of Reform and Liz Truss, former Prime Minister’s mini-budget. I don’t want the Office for Budget Responsibility to be involved in my project. They are part of the problem and not the solution. Truss’s Chancellor Kwasi Kwarteng avoided publishing OBR analyses alongside the mini budget, undermining the credibility of its analysis.

The manifesto called for the abolition of net zero, the introduction of life imprisonment for drug dealers convicted, “a freeze” on immigration that is not essential “to protect our identity and culture” and a 20% tax reduction on private health insurance and healthcare.

Reform overtook Tories for the first ever in a poll last week. YouGov put Farage’s Party on 19% ahead of Tories, who were on 18%. Other pollsters found a larger gap. Labour was still far ahead on 37%.

Michael Gove, Cabinet Minister, dismissed Farage’s claim to be able to run for No. 10 in 2019 as “ridiculous”, telling Times Radio the British public will choose a leader who is more authoritative from the left or right.

“He’s part of an amazing entertainment machine.” He cannot govern this country. Reform is an ego trip and not a serious alternative change programme. Nigel Farage is a source of entertainment and distraction. He does not offer authority or good governance.

In this country, no matter who we choose to vote for, the British elect sensible, authoritative managers from either the left or right. They don’t go for the performative politics Nigel has built a lucrative financial career on.

Giles Watling is the Tory MP for Clacton. He won the seat that was previously held by Ukip in 2017.

He said, “We don’t need to take Nigel Farage seriously. But we should take Reform and those who listen to Farage seriously. They are being emotionally appealed to.”

“When a nation is going through difficult times, such as with the pandemic or war, populists emerge, who will hold rallies instead of talking to people at their doorsteps. If they do speak to people, it’s for a photo op.”

A Tory MP said: “We must convince the people that elections, and a decent opponent are too important for them to waste their votes on a protest. Even if it means doing so with an apology.

Both the Conservatives as well as Labour chose to not engage in the detail of Reform’s policy document. Keir starmer sought to distance himself from any questions about Farage’s plans to win over voters in Labour heartlands.

Starmer stated during a Southampton visit that the election is “a simple choice between Conservatives or Labour”. This could be beneficial to his Tory opponents, but it may not do much to distract attention from Farage.

Labour strategists claimed that Reform UK mainly drew support from Tories. However, they predicted that Rishi sunak would increase the gap between Farage’s Party and Labour by election day.

“Reform may yet be the dog who doesn’t bark. One person said that some support could fade and they might end up with only 8% of votes.

The Tories’ electoral strategy has shifted to , warning against Labour winning “super-majority”. that is even larger than Labour’s 1997 landslide win. Attack ads are focused on Keir starmer and the Prime Minister under pressure from Tories to “go after the jugular”.

Grant Shapps was the first Tory Minister to publicly admit that the party’s chances of winning the election are unlikely. “It is possible to win an election. Accepting that it is not the most probable outcome, do I agree? Yes, I agree. I’m a realist.”