Farage Vows to End ‘Exodus’ of Rich in Economic Pitch for UK

Article content

(Bloomberg) — Nigel Farage said he wants as many rich people as possible living in Britain, as he railed against moves by the Labour government and their Conservative predecessors to ramp up taxes on the wealthy.

Article content

In a speech in London’s financial district billed as outlining Farage’s economic vision, the Reform UK leader touched on everything from deregulation to slashing energy subsidies, while accusing Britain’s traditional political duopoly of “running this country’s economy off a cliff.”

Article content

Article content

Article content

The former City trader, who is credited as one of the key figures behind Britain’s decision to leave the EU, has been trying to appeal to both Britain’s wealthy former Tory voters as well as working-class Labour backers in his bid to gain popularity. He suggested on Monday that there isn’t a contradiction in that approach.

Article content

Article content

“If the rich leave and the rich don’t pay tax, then the poorer in society will have to pay more tax,” Farage said. “We have to have the right people in our country, that breed of people that will take astonishing risk, that breed of people will give up their lives dedicated to a particular project that they wish to succeed.”

Article content

Despite winning just five seats on the House of Commons in last year’s general election, Reform have led national polls for the past half-year, and Farage is seeking to present his party as a government-in-waiting by adjusting his policy offering. He’s retreated on promises made in the party’s manifesto, dubbed a “contract with the people,” for £90 billion of tax cuts, citing the need for realism given strained public finances.

Article content

“We understand substantial tax cuts, given the dire state of debt and our finances are not realistic at this current moment in time,” Farage said. “We are being mature, we are being sensible, and we are not over promising.”

Article content

Article content

Farage criticized taxes on share transactions and the scrapping of the centuries-old “non dom” status previously enjoyed by wealthy foreigners, which he said had led to an “exodus.” He also slammed the “lunatic cost” of climate policies that he said had led to the “highest industrial energy costs in the world.” 

Article content

Farage’s message stands in contrast to the Green Party at the other end of the political spectrum, which has made strides under its newly elected leader, Zack Polanski, and his promise to increase taxes on Britain’s rich. 

Article content

In Farage’s speech, there were few mentions of Reform’s offering to less well-off voters and the Reform leader even said there was an argument that the UK’s minimum wage is too high for younger people, though he said his party was still “on the side of working people”. 

Article content

“We are the party of alarm clock Britain, and we want people who are out there working to be genuinely better off working than they are on a whole range of benefits,” he said.

Article content

He also pledged to:

Article content

Article content

Asked about who he would install as Chancellor of the Exchequer if Reform were to win the next general election, due by mid-2029 at the latest, Farage said his top team was still a “work in progress” and that “right now, we’re not ready.”

Article content

—With assistance from Will Standring.

Article content