Fury Over Nigel Farage’s Economic Plans
Nigel Farage and his party, Reform UK, faced severe criticism, being labeled "vultures" accused of betraying pensioners and ushering in a harsh new era of austerity. This reaction followed a major speech in the City of London where previous tax proposals were abandoned.
Abandoning Tax Pledges and Cutting Public Services
During his speech, Farage dropped billions of pounds worth of tax commitments. He pledged instead to implement significant welfare cuts and sharply reduce public spending if elected. Critics argue that these measures would cut deeper into public services than even the Conservative Party.
Pension and Wage Controversies
Farage declined to guarantee maintaining the pensions triple lock—a policy that ensures pensions rise with average earnings growth, inflation (CPI), or 2.5%, whichever is highest. He also suggested lowering the minimum wage specifically for young workers.
Tax Plans Favoring Wealthy Elites
He reiterated his controversial proposal to establish a scheme enabling wealthy foreign tycoons to evade taxes, intensifying concerns about fairness and economic inequality.
"If I'm right and that election comes in 2027, then the economy will be in an even worse state than any of us in this room could even predict."
Farage predicted economic turmoil would trigger a general election in 2027, criticizing that Brexit opportunities had been “squandered.”
Criticism of Budget Approach
Observers condemned his budget plan as an "incoherent saloon bar budget" favoring hedge funds and financial speculators, to the detriment of everyday workers.
Summary
Nigel Farage’s speech revealed a shift towards austerity and controversial tax policies that critics fear will harm pensioners and public services while privileging the wealthy.
Author’s note: Farage’s proposals mark a sharp turn toward deeper cuts and tax breaks for the rich, sparking significant public and political backlash.