Keir Starmer has used a major speech in the North West to warn Nigel Farage’s ‘fantasy’ economics would lead to a Liz Truss-style economic meltdown and hit family finances
Sir Keir Starmer attacks Nigel Farage’s ‘mad experiment’
Keir Starmer has deliverd a major speech warning Nigel Farage’s “fantasy” economics would lead to a Liz Truss-style economic meltdown.
The PM labelled the Reform UK leader “Liz Truss 2.0” as he addressed workers in the North West after Mr Farage used a speech this week to unveil “uncosted” policies – running into the tens of billions. The respected Institute for Fiscal Studies (IFS) said the party’s pledge to increase the income tax personal allowance to £20,000 a year could cost between £50-£80 billion a year.
Mr Starmer urge the public to reject Reform UK’s calls to use “family finances” as a gambling chip in his “mad experiment”. He warned warn the result will be the same as Ms Truss, who caused market mayhem with her mini-Budget and was turfed out of office after 49 days.
Among Mr Farage’s policies, the right-wing leader said his “biggest aspiration” was to lift the level at which people start paying tax to £20,000.
Mr Farage also committed to scrapping the two-child benefit limit, which Labour is examining as part of a child poverty strategy, restoring the winter fuel payments, and tax breaks for married couples. He claimed he’d be able to pay for the policies through scrapping net zero and diversity and inclusion programmes – but provided little detail.
Responding to Mr Farage’s speech, IFS deputy director Helen Miller said the announcements on winter fuel payments and the two-child benefit cap were “dwarfed” by the change to income tax personal allowance.
Speaking today, Mr Starmer said: “In opposition we said Liz Truss would crash the economy and leave you to pick the bill. We were right. And we were elected to fix that mess. Now in government, we are once again fighting the same fantasy – this time from Nigel Farage. Farage is making the exact same bet Liz Truss did. That you can spend tens of billions on tax cuts without a proper way of paying for it.
“And just like Truss, he is using your family finances, your mortgage, your bills as a gambling chip on his mad experiment. The result will be the same. “
He will add: “Liz Truss bet the house and lost. £45 billion in unfunded tax cuts, with no means to pay for them. Markets reacted, the economy tanked and we’re all still paying the price for mortgages, rents and bills that spiralled out of control. I won’t let that happen.”
The PM also said Mr Farage would not have protected jobs in industries subject to tariffs from the US. He said: “We protected those jobs. Would Nigel Farage have done the same? Absolutely not.
“And that’s the question to have to ask about Nigel Farage. Can you trust him? Can you trust him with your future? Can you trust him with your jobs? Can you trust him with your mortgages, your pensions, your bills? And he gave the answer on Tuesday. A resounding no. He set out economic plans which contains billions upon billions of completely unfunded spending. Precisely the sort of irresponsible splurge that sent your mortgage costs, your bills and the cost of living through the roof. It’s Liz Truss all over again.”
READ MORE: Join our Mirror politics WhatsApp group to get the latest updates from Westminster
