1. Tax cuts \u2013 or the lack of them<\/p>\n
As recently as the buildup to May\u2019s local elections, Reform was pledging to raise the threshold at which people start paying income tax from \u00a312,570 to \u00a320,000, bringing many thousands out of tax but costing the exchequer<\/a> more than \u00a340bn a year.<\/p>\n Amid increasing scrutiny about how or if this could be paid for, Farage has rolled back. Quizzed after the speech on whether the policy still stood, he said he would \u201cwant\u201d a \u00a320,000 threshold but this was an eventual aspiration.<\/p>\n It was, he said, impossible to know what state the economy would be in by the time of the next election, meaning most firm promises would need to wait for now. There was one exception \u2013 Farage said he would reverse Labour\u2019s changes to inheritance tax on farms<\/a>.<\/p>\n Whatever Labour achieves over the rest of the parliament there will be a difficult inheritance. But raising the tax threshold is difficult to justify when it mainly benefits richer taxpayers who can earn more before they hit the 40p tax rate.<\/p>\n 2. Two-child benefit cap, wages and pensions<\/p>\n At a press conference last week, Reform said it could save \u00a39bn a year<\/a> by tightening eligibility for personal independence payments, or Pip. Asked about another benefit-related policy \u2013 the party\u2019s pledge to scrap the two-child limit on payments of some benefits such as universal credit \u2013 Farage said this would happen for UK nationals only where both parents worked, which notably limits its generosity.<\/p>\n As part of his wider reluctance to spell out specific policies, Farage declined to commit to the so-called triple lock on guaranteeing significant annual increases to pensions \u2013 but was willing to say that the minimum wage was possibly \u201ctoo high for younger workers\u201d.<\/p>\n Most economists recommend tackling mental health issues before the withdrawal of benefits. They would also be concerned at the discriminatory effect of raising the two-child cap only for UK nationals., but would welcome equivocation over the triple lock. The Institute for Fiscal Studies has proposed reverting to the earnings link with a safety net, saving the government billions of pounds over the next 30 years.<\/p>\n 3. Rich people and entrepreneurs<\/p>\n While polling regularly shows that the cost of living is one of the biggest priorities for voters, Farage paid little attention to this, beyond passing references to fuel bills and the supposed impact of migration.<\/p>\n There was, however, a lot of talk about an alleged exodus of wealthy people and young entrepreneurs amid a punitive tax regime, a narrative not backed up by much evidence<\/a>. Such types, whom Farage called a different economic \u201cbreed\u201d to ordinary mortals, should be cherished at all costs, he said.<\/p>\n Even more leftwing Labour MPs would accept the role of entrepreneurs and other wealth-creators in generating growth. But repeated talk about the vital role of the rich \u2013 even if Farage also took pains to talk up the role of all small businesses \u2013 might feel some distance from his talk a few months ago<\/a> about Reform being the party of workers and unions.<\/p>\n 4. Pensions<\/p>\n