Huge tax cuts not currently realistic, Farage says

"In a wide-ranging speech setting out Reform UK's vision for the economy, Farage accused both Labour and the Conservatives of failing to cut public spending and allowing the national debt to increase 'in the most extraordinary way'. "We want to cut taxes, of course we do," he said. "But we understand substantial tax cuts, given the dire state of debt and our finances, are not realistic at this current moment in time.""

"Ahead of last year's general election, Reform's pledges included slashing corporation tax, cutting stamp duty on home purchases and lifting the threshold when people start paying income tax. However, Farage said 'substantial tax cuts' were not currently 'realistic' because of the 'dire state' of the public finances. He added that if Reform wins the next election, it would still make some 'relatively modest' changes, such as lifting income tax thresholds and immediately scrapping inheritance tax for family farms and family-run businesses."

"Challenged during a Q&A session after his speech over how the public could trust Reform if it reversed promises it had made before the last election, Farage said: 'We are being mature, we are being sensible and we are not over-promising. 'But for us not to take account of the dire state of our public finances, that, I think, would be irresponsible.'"

Nigel Farage announced that substantial tax cuts previously promised by Reform UK are not currently realistic because of the dire state of public finances. Reform had earlier pledged measures including slashing corporation tax, cutting stamp duty and raising the income tax threshold. Farage accused both Labour and the Conservatives of failing to cut public spending and of allowing national debt to grow significantly. If Reform wins the next election, the party would pursue relatively modest changes such as lifting income tax thresholds and immediately scrapping inheritance tax for family farms and family-run businesses.

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