Nigel Farage’s "fantasy" economics are identical to Liz Truss and would put up every mortgage in the country, Sir Keir Starmer is set to warn during a meeting with workers at a manufacturing business in the North West on Thursday.
The Prime Minister is expected to slam Reform UK's economic policies, claiming Farage plans to use family finances as a gambling chip and risked sparking an "economic meltdown."
The Labour leader highlighted that in opposition, the party warned the Tories would crash the economy and leave working people picking up the bill, which he argued Farage’s "Liz Truss-style unfunded tax cuts" would do again.
Starmer also referenced the Institute for Fiscal Studies (IFS), which said yesterday that Nigel Farage’s economic policy could create a financial blackhole of up to £80billion.
Keir Starmer is set to go on the attack against Nigel Farage's economic plans
Getty
The Labour Party claims that the pledges could send mortgages, rents and bills surging, comparing the potential effects to Liz Truss's 2022 mini-budget.
Nigel Farage declared that Reform UK were "the real opposition" to Labour following significant gains in local elections across England at the beginning of May.
However, Labour branded the party as having a "longstanding lack of economic credibility" in a major attack on the Clacton MP.
Labour claims that Reform's 2024 Manifesto was widely condemned after it proposed unfunded tax cuts of nearly £90bn per year, and spending increases of £50bn per year.
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Nigel Farage declared that Reform UK were 'the real opposition' to Labour following significant gains in local elections across England at the beginning of May
PAThey said the IFS concluded: “The sums in this manifesto do not add up.”
Prime Minister Keir 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.
“Liz Truss bet the house and lost. £45billion 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."
Sir Keir Starmer speaking during a meeting with workers at a manufacturing business in the North West
PA
Starmer said that Labour is getting on with the job and praised his Government for "fixing the mess left by the last Conservative government."
Keir Starmer has struck three trade deals with the US, India, and the EU.
The Government claim this has helped boost jobs, secured Britain’s borders, and lowered bills for working people.
NHS waiting lists are falling, the economy is growing, wages are rising faster than prices, and interest rate cuts have been cut four times - putting more money in the pockets of working people, according to the party.
Starmer added: “I won’t let that happen. Labour’s Plan for Change has stabilised the economy, with growth at the fastest rate in the G7 this year, four cuts to interest rates, and a pay boost for 3.5 million low-paid workers.”
GB News has reached out to Reform UK for a comment.
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