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 had 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
- increase the higher rate threshold to £70,000
Nigel Farage has finally admitted what everyone already knew: Reform's economic plans are built on sand.
These tax changes, aside from increasing the income tax personal allowance to £20,000, are skewed towards benefitting the rich.
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's summary: Reform to abandon £90 billion tax cuts plan.
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