He blamed the Conservatives for raking up the national debt and accused Rachel Reeves of presiding over a \u201cwealth drain\u201d by pushing wealth-creators to leave Britain.<\/p>\n
However, Farage was forced to defend himself against suggestions he was breaking promises made by Reform in its last manifesto and in speeches and announcements up until July.<\/p>\n
In an attempt to wipe the slate clean, Farage hinted his support for cutting the minimum wage for young people and reversing Labour\u2019s inheritance tax changes for farmers.<\/p>\n
Key points from Farage\u2019s speech on the economy<\/p>\n
Here is where some of Reform\u2019s financial policies stand after the speech at The Cornhill Banking Hall on Monday.<\/p>\n
Pensions triple lock<\/p>\n
Farage broke from the cross-party consensus by refusing to back the pension triple lock.<\/p>\n
Introduced by Lord Cameron and George Osborne, it ensures that the state pension rises by average earnings growth, inflation or 2.5 per cent \u2014 whichever is higher. <\/p>\n
The policy has commanded support from the main political parties at each election since and is seen as a way of winning over older people, who are more likely to vote.<\/p>\n
But asked if he would retain the triple lock and Reform\u2019s promise to raise the tax-free allowance from \u00a312,500 to \u00a320,000, Farage said: \u201cI cannot tell you what the state of the economy will be as the next general election approaches.\u201d<\/p>\n
\u2022 Ben Wilkinson:<\/a> The state pension triple lock needs to be retired<\/a><\/p>\n He predicted an \u201ceconomic collapse\u201d that would trigger a general election in two years time, adding: \u201cIf I\u2019m right, and that election comes in 2027, then the economy will be in an even worse state than any of us in this room can even predict. <\/p>\n \u201cSo how can anybody project on pensions or thresholds or any of those things between now and then?\u201d<\/p>\n Critics of the policy say it is increasingly \u201cunsustainable\u201d, given inflation remains double the Bank of England\u2019s target, and growth is climbing more slowly.<\/p>\n Minimum wage<\/p>\n There is \u201can argument\u201d for cutting the minimum wage for younger people, said Farage, who claimed that the costs of doing business for many firms \u201care now simply too high\u201d.<\/p>\n Attacking Sir Keir Starmer, Farage said the government was \u201crun by a group of human rights lawyers, not entrepreneurs\u201d.<\/p>\n Farage failed to name a perspective chancellor out of the leading Reform members<\/p>\n RICHARD POHLE FOR THE TIMES<\/p>\n But pressed about the prospect of reducing the minimum wage, Farage seemed open to the move, or raising the threshold at which employees pay national insurance contributions from \u00a35,000.<\/p>\n He said: \u201cThere\u2019s an argument [that] the minimum wage is too high for younger workers, particularly given that we\u2019ve lowered the level at which NIC is paid to \u00a35,000 a year. <\/p>\n \u201cSo do one or the other. Either lift the cap at which NI is due, or lower the minimum wage for lower workers.\u201d<\/p>\n New workers\u2019 rights law<\/p>\n Farage said the new Employment Rights Act would bankrupt small and medium-sized businesses.<\/p>\n He stopped short of saying he would repeal the legislation \u2014 spearheaded by Angela Rayner when she was deputy prime minister \u2014 which boosts protections for workers from day one and bans exploitative zero-hours contracts.<\/p>\n![\"Leading](\"https:\/\/www.newsbeep.com\/uk\/wp-content\/uploads\/2025\/11\/\/02929852-5c2a-468d-9a42-098e2c224704.jpg\")
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