Reform to U-turn on £90 billion tax cuts
Reform is set to ditch the massive tax cuts it included in its 2024 general election manifesto.
Nigel Farage’s party pledged to abolish inheritance tax for all estates under £2 million, reduce corporation tax to 15%, increase the income tax personal allowance to £20,000 and the higher rate threshold to £70,000.
Nigel Farage has finally admitted what everyone already knew: Reform’s economic plans are built on sand.
- Abolish inheritance tax for all estates under £2 million
- Reduce corporation tax to 15%
- Increase the income tax personal allowance to £20,000
- Increase the higher rate threshold to £70,000
The Institute for Fiscal Studies warned that the proposals, which would cost £90 billion per year and spending increases of £50 billion a year, “do not add up”.
Author summary: Reform party to cancel tax cuts.