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“Reduce taxes for working people”, Reform UK declared as party Mortgage The £90bn tax cut was delivered ahead of last year’s general election, where it won 14 per cent of the vote and five seats in parliament.
Party’s “Our Agreement with You”, which displayed The word “tax” is used on 58 occasions in the 26-page manifesto. said i will do itIncrease the income tax personal allowance to £20,000, while increasing the threshold for paying the higher rate to £70,000.
Party also pledged Abolishing inheritance tax on estates worth less than £2 million.
But after The Institute for Fiscal Studies (IFS) questioned the accuracy of its tax plans, and now opinion polls reveal a lack of voter confidence in its fiscal responsibility, the party boss is rethinking earlier plans.
In September deputy leader Richard Tice told the BBC that the manifesto was “not appropriate” for the next election, with leader Nigel Farage set to go a step further by saying he would scrap the 2024 policy to cut £90 billion.
according to many timesMr Farage will say in his first major speech on the economy next month that the party will not cut taxes before spending, cutting the civil service and imposing restrictions on borrowing to finance government spending.
Party sources told the newspaper the new policies would focus on cutting fuel duty, income, corporation and inheritance taxes.
“In the next elections, we will present a tough and full-cost manifesto,” Mr Faraz said. many times,
“Reform will never borrow to spend, as Labor and the Tories have done for so long; instead, we will make sure savings are made before tax cuts are implemented. I will have more to say on all this in the coming weeks.”
He said the policy of increasing the tax-free personal allowance to £20,000, which is estimated to cost between £50bn and £80bn, was now “a target to which we should aspire”.
Mr Farage was speaking when he was on a tour of Wales to support Lloyd Powell, the Reform candidate Caerphilly by-electionThe contest, which resulted from the sudden death of Labor MS Hefin David in August, is an opportunity for Reform to launch its campaign ahead of the country’s Senedd elections next year.
It is also a chance for the party to respond to criticism during the Labor and Conservative party conferences, where Tory shadow chancellor Mel Stride said the reform manifesto promised tens of billions of pounds in unfunded commitments.
Mr Stride told delegates: “Be assured that, when the glitter, the glitter of the sequinned dress, the razzmatazz, the spinning plates, the fireworks wear off, you will be left with emptiness.”
according to many timesSome opinion polls show the Tories lead the recovery when voters are asked which party they trust most on the economy.
In its 2024 manifesto, the reform said the tax cuts would be partly funded by “cuts on wastefulness”. [government] spending”, which would save £50 billion per year. A 50 per cent cut in foreign aid would save an additional £6 billion.
In its assessment on the plans, the IFS said: “While the reform manifesto gives a clear sense of priorities, a government can only implement parts of this package, or will need to find other ways to help pay for it, which would mean the losers are not specified.”
But as reported many timesReform will now look to strengthen its economic credibility with a ban on welfare payments to most immigrants and a plan to reduce spending with deeper cuts to the public sector and civil service than initially proposed.
The party will also look to boost growth and reduce energy costs through a program of investment in partially-nationalized nuclear power plants.
Mr Faraz said many times: “The 2024 document proposes cuts in civil service spending, but we will extend those cuts. We will cut overall spending, introduce an industrial policy and bring about a cultural change in attitudes towards work and success.”
Although the party has not yet named a shadow chancellor, he said: “We will be launching a new campaign between now and the Budget – an economic campaign… It’s going to be very impactful.”