In a recent speech, UK Prime Minister Sir Keir Starmer warned that Reform UK leader Nigel Farage’s economic policies could lead to financial instability similar to that caused by former Prime Minister Liz Truss. Starmer criticized Farage’s proposed unfunded tax cuts, labeling them as “fantasy economics” and cautioning that they would jeopardize household finances, including mortgages and utility bills.
Starmer drew parallels between Farage’s approach and Truss’s 2022 minibudget, which included £45 billion in tax cuts funded by borrowing. This plan led to market turmoil and higher mortgage rates. The Prime Minister emphasized that Farage’s policies lacked a credible funding strategy, posing risks to economic stability.
Farage, who has positioned himself as a champion of working-class voters, dismissed Starmer’s remarks as a “desperate attack” from a party trailing in the polls. Despite Reform UK’s recent gains in local elections, Farage’s party holds only five seats in Parliament, and Starmer’s comments suggest that Reform is now seen as a significant political threat.
In his speech, Starmer also contrasted his personal experience with Farage’s, stating that unlike Farage, he understands the challenges of growing up in a cost-of-living crisis. Starmer’s focus on Reform UK indicates a strategic shift in his political approach, highlighting the party as a primary adversary in the current political landscape.
