Farage Scales back Economic Promises, Retreats From Tax Cut Vows
LONDON – nigel Farage has revised key economic pledges, walking back promises of significant tax cuts as he attempts to position the Reform Party as a credible force within the City of London. The shift comes after Farage delivered a speech at Bankers Hall in the Square Mile, outlining proposals to appeal to financial sector professionals and small businesses.
During the speech, Farage vowed to be ”the party of small business” and “the party of risk takers,” pledging to reduce financial services regulation, including reversing EU-derived anti-money laundering rules he claims have led to widespread “debanking” of British citizens. He also criticized the Bank of England’s quantitative tightening (QT) program, calling it an “unnecessarily” handing of money to banks. However, he stopped short of advocating for an end to the Bank of England’s independence on monetary policy.
The retreat from earlier tax cut promises marks a significant recalibration of Reform’s economic platform. While previously hinting at substantial reductions, Farage now emphasizes fiscal obligation and streamlining existing regulations.This change in approach follows criticism from both Labor and Conservative parties,who have questioned the feasibility of Reform’s economic plans.
Labour’s spokesperson stated that Farage’s proposals would “take us back to austerity,” pointing to alleged failures in Reform-led councils to deliver promised savings, resulting in service cuts and tax increases. Conservative shadow chancellor Sir Mel Stride dismissed Reform’s economic credibility, citing “disintegrating” promises and continued commitment to increased welfare spending.
The shift reflects a broader attempt by Farage to present Reform as a serious contender in the upcoming general election, moving beyond populist rhetoric towards a more detailed, albeit evolving, economic vision.
