What would UK economic policy look like under Nigel Farage’s Reform?

Nigel Farage has delivered a speech on his economic priorities. While it did not announce any new policies as such, it marked the most detailed explanation yet of what a Reform UK government might prioritise. Below are six areas he discussed.As recently as the buildup to May’s local elections, Reform was pledging to raise the threshold at which people start paying income tax from £12,570 to £20,000, bringing many thousands out of tax but costing the exchequer more than £40bn a year.Amid increasing scrutiny about how or if this could be paid for, Farage has rolled back

Nigel Farage to promise business deregulation in economic policy speech

Nigel Farage will promise a bonfire of business regulation as he spells out his party’s economic policies in more detail than ever in an attempt to bolster its reputation for fiscal credibility.The Reform leader will give a speech in London putting deregulation at the heart of his economic agenda, while also dropping a commitment made at the last election to deliver £90bn of tax cuts.The message is designed to bolster his party’s reputation for fiscal credibility after experts warned that his promises to cut £350bn from government spending over the next parliament did not add up.Farage will say: “When it comes to Brexit … we have not taken advantage of the opportunities to deregulate and become more competitive. The harsh truth is that regulations and regulators, in many areas, are worse than they were back in 2016

Tory patience wears thin as Badenoch’s critics count down to May elections

At an opulent speakeasy-style event at the Raffles hotel on Whitehall this week, the great and the good of what is left of the Conservative party marked the Spectator’s parliamentarian of the year awards.With the magazine’s editorial line still just about backing the Tories, despite the party facing an existential crisis from Reform UK, it was unsurprising that much of the gossip at the champagne-fuelled event was about whether Kemi Badenoch’s job was at risk.James Cleverly, who unsuccessfully ran against her for the leadership, couldn’t resist a dig from the stage at the naked ambition of his shadow cabinet colleague, Robert Jenrick – who is Badenoch’s biggest threat.“Am I after her job? Am I going to stick the knife between her shoulder blades and steal the crown? No, of course I’m not,” the veteran Tory cabinet minister told the laughing audience as he opened the awards ceremony.“You know that I’m not

Rachel Reeves considers 20% tax on assets of people deciding to leave UK

Rich people quitting the UK could be required to pay a 20% tax on their business assets as part of plans reportedly being considered by the chancellor, Rachel Reeves.The Treasury has drawn up plans for a “settling-up charge” on assets; a move that would bring the UK into line with most other G7 nations and raise a predicted £2bn for the public coffers, according to the Times.While expat status does not provide an exemption from 20% capital gains tax on the sale of UK property and land valued at £6,000 or more, it does on the sale of some other assets, such as shares in many companies.Under the new plans, the 20% charge would be levied on the value of these assets when exiting the country.A government source said the settling-up charge was one of several tax options being modelled by the Treasury before the budget – but stressed that no decisions had been taken

HMRC likely to have breached privacy laws in stopping child benefit – experts

Ministers may have breached privacy laws when they suspended the child benefit of thousands of families on the basis of flawed Home Office information, legal experts have said.At the same time, the UK’s data watchdog, the Information Commissioner’s Office, has contacted the national tax authority, HMRC, over the issues raised.Pressure on the government to reveal the reason incomplete Home Office travel data was used by HMRC as part of a benefit crackdown has mounted as the Liberal Democrat spokesperson for work and pensions, Steve Darling, said what had happened was “unacceptable”.“After the carers allowance repayments scandal, this news raises fresh concerns that things are seriously wrong within our welfare system, with people paying the price through no fault of their own.“Ministers must come clean on how exactly this error was allowed to happen in the first place, support affected families, and ensure that action will be taken to stop such mistakes from ever happening again

Reform councillor defects to Tories after party’s policies left him ‘uncomfortable’

A Reform UK councillor has defected to the Conservatives, saying he became uncomfortable in Nigel Farage’s party.James Buchan, who sits in the borough of Dartford in Kent, said he had struggled with the idea of facing his relatives while a member of a party whose anti-immigration policies spread fear.“I stood for election with the sole aim of working for my community and getting things done for local families. Having had the opportunity to see Reform from the inside, I’ve concluded that the party doesn’t really have the experience or ambition to do that,” he said.Buchan said he wanted to be able to “look my family in the eye and say, ‘that’s not who I am’” after Nigel Farage’s party announced plans to end indefinite leave to remain status