Nigel Farage’s sums don’t add up

In their “Contract with You”, Nigel Farage and Reform UK are promising to cut taxes and increase spending in favoured areas at a total cost of £141 billion while saving £150 billion through cuts to public spending elsewhere. But the numbers don’t add up. According to the New Economics Foundation, the £35 billion that Reform proposes to save by changing the way interest is paid by the Bank of England is more like £11.5 billion. The Office for Budget Responsibility estimates the net zero transition will cost £10 billion per year – far less than the £30 billion Reform expects to save by scrapping it. Finally, the Institute of Fiscal Studies says cutting corporation tax from 25 to 15 per cent will cost more than double Reform’s £18 billion projection. Liz Truss’s economy-tanking mini-budget had a £45 billion shortfall. After some realistic maths, Farage’s would be $52.5 billion.