This is the thing Reform are going to have to contend with, the more popular they get. As outsiders, it’s easy to promise the world to your voters – but when it’s time to deliver, the scrutiny gets turned up and levels of accountability go through the roof. And the party is already under the cosh.
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Reform in government ‘could exceed the recklessness of Liz Truss – The Economist
Research carried out by The Economist, taking all available manifesto pledges and repeated promises made by Nigel Farage and senior Reform officials, reveals that their election into government could cause a financial shock that ‘rivals or exceeds’ the premiership of Liz Truss.
The former Tory leader, who spent just seven weeks in office, announced a series of unfunded policies and tax cuts in her bid to accelerate growth. Instead, she spooked the markets beyond reproach, with mortgage rates soaring and the value of the pound sinking.
As renowned financial experts, The Economist don’t issue these warnings lightly. They have assessed all the promised tax cuts – such as the removal of income tax for anyone earning £20,000 or less – against all pledged savings. The result is a colossal fiscal black hole, totalling around £100 billion.
Can Farage deliver on his promises? It could end in tears…
The removal of inheritance tax, cuts to fuel duty, and the restoration of the Winter Fuel Allowance have also been pledged by Farage, with few indications towards how they will fund these policies. The choice, according to the researches, comes down to either ‘a rethink, or a calamity’.
“Unfortunately, the mishmash on offer so far is highly alarming. Reform’s policies add up to an agenda of fiscal recklessness that rivals, and may well exceed, the disastrous 49-day, hair-raising, market-tanking premiership of Liz Truss in 2022.”
“[Reform policies] will cost in the region of £200bn, with savings only amounting to £100bn. The gap between the two would amount to a colossal fiscal shock, blowing up the deficit and straining the gilt market to its limits. They must choose between a serious rethink, or fiscal calamity.” | The Economist