Overview

• Reform UK tops national opinion polls near 30% and secured control of 10 councils, two mayoralties and a parliamentary by-election seat in recent local votes.
• Nigel Farage has unveiled policies to raise the income tax personal allowance to £20,000, scrap the two-child benefit cap and reinstate winter fuel payments.
• The Institute for Fiscal Studies warns that the flagship tax cut alone could cost between £50 billion and £80 billion a year.
• Reform’s funding strategy hinges on cancelling net zero commitments and cutting asylum accommodation spending, but experts say the savings are vastly insufficient.
• Sir Keir Starmer labels the package a 'mad experiment' on public finances and compares it to the market turmoil unleashed by Liz Truss's 2022 mini-budget.