Introduction to Reform UK’s Economic Overhaul
Nigel Farage has long known that he needs to overhaul Reform UK’s economic offer, not least because of the scale of the attacks the country faced during conference season. According to the Institute for Financial Studies’ Manifesto from last year, the plans would cost almost £90 billion a year, with spending increases alone amounting to £50 billion.
Funding the Plans
They claimed they would fund this by cutting £150 billion a year in other spending, including public services, interest on debt and working-age benefits – staggering sums that the other parties lacked Reform Britain exposed.
A Change in Approach
In a speech in the city, Farage said that large tax cuts in advance were no longer on the agenda due to the economic situation. He said significant but “sensible” deregulation was needed to take advantage of post-Brexit freedoms and bring public sector pensions and even the triple lock (which is under consideration but no decisions have been made yet) on the table.
Tax Cuts and Finances
"We want to cut taxes. Of course we do. But we understand that significant tax cuts are not realistic given the high debt and our finances," he told the 100-person audience. Farage made no apology for not being able to say when and by how much taxes would be cut. He said: "If I’m right and the election happens in 2027, the economy will be in even worse shape than any of us in this room can even predict. How can anyone predict pensions and thresholds or anything like that by then?"
Walking a Fine Line
Farage has to walk a fine line – both claim to be consistent as politicians, but at the same time change their stance. Given that we have had "Brexit Nigel" and "union Nigel" and "small state Nigel" and "nationalization Nigel" – all of which are now lined up like Barbies on a toy shelf – the question is why should we now suddenly trust "Fiscal Responsibility Nigel" and that this will continue until the next general election and beyond?
Consistency and Ideology
His answer was insightful: while his principles and ideology were consistent, he acknowledged that the practical application needed to be further developed. He said: "I believe in pretty much the same things that I believed in 30 years ago. The difference is that I now understand the role of government in strategic industries better than before."
Industrial Strategy
He explained that this understanding is why Richard Tice and he went to Scunthorpe, indicating a shift towards acknowledging the need for an industrial strategy. "Have I become accustomed to the belief for over 30 years that the country needs an industrial strategy? Yes. Do I believe that there will actually be short-term partial nationalization in certain failing industries, which, by the way, wipes out bondholders and shareholders? It costs the state nothing to do that."
Conclusion
This is an interesting insight into a politician who has been associated with a particular strain of conservatism. He hopes that political developments will go in his favor. However, the history of openness in British politics does not always favor the bold. With Farage threatening a crackdown on benefits and the only party to put changes to the triple lock on the table, will Reform UK’s original voters still be as strongly in favor of it?
