Politics LIVE: Nigel Farage says 'economic collapse' to spark election as he sets out tax plans

Reform would 'wreak havoc on family finances', says Labour 

Reform's plans would put "jobs at risk" and wreak "havoc on family finances", Labour has said.

A spokesman for the party said: "Nigel Farage has promised a return to damaging austerity, taking an axe to public services, with no cuts off the table.

"He complained the minimum wage is too high for young workers, while doubling down on his golden giveaway to foreign billionaires.

"Reform would slash the NHS, schools, and pensions - and cancel Labour's investment in local roads, rail, and clean energy, putting millions of jobs at risk and wreaking havoc on family finances."

Shadow Chancellor slams Reform's 'reckless' economic plan 

Shadow Chancellor Mel Stride has branded Reform's plan for the economy as "reckless".

He wrote in a post to X: "Reform’s 'economic relaunch' has crashed on takeoff.

"Nigel Farage offered no answers on £140billion of unfunded promises, unveiled yet another multibillion-pound spending spree, and confirmed his party’s reckless plan to seize private assets.

"This isn’t a plan for Britain’s economy - it’s chaos."

WATCH: Zia Yusuf says 'there is a real chance of economic crisis in this country' 

Nigel Farage says Reform will 'immediately remove' Inheritance Tax from family-run businesses and farms and raise tax thresholds 

Nigel Farage said Reform UK will "immediately remove" Inheritance Tax from family-operated farms and businesses if it comes to power.

He said: "We will cut spending, we will encourage growth and entrepreneurship.

"We want to cut taxes of course we do, but we understand substantial tax cuts given the dire state of debt and our finances are not realistic at this current moment in time.

"There are some relatively modest things we would do, we will immediately remove Inheritance Tax from family farms and from family-run businesses and we will raise the thresholds at which people start to pay tax to begin the process to get people out of the 16-hour-a-week working debt trap that so many people find themselves in.

"The state of the finances, the state of the economy is far, far worse than it was in the run-up to a 2024 General Election."

He concluded his speech by saying: "Be in no doubt that we will have higher quality people in charge of areas over which they have got knowledge than we have seen in this country for many, many decades."

Nigel Farage reaffirms Reform will 'scrap out all net zero subsidies' as will 'get the North Sea operating'

Nigel Farage has reaffirmed Reform's plans to "scrap all net zero subsidies", saying the party would "get the North Sea operating".

He added: "We believe as a party in nuclear energy, but not the way the current non-business men and women in government and our administrations administer it.

"Just have a look at Sizewell, have a look at Hinkley Point, have a look at ballooning cost, have a look at time delay."

"Our current politicians are not good enough, our current politicians don't understand business, our current politicians don't understand money.

"Just look at the continuing farce of HS2 to understand just how useless they really are and we will, if we win that next election, bring in seasoned professionals good not just at managing money, but with expertise in their own industry."

Nigel Farage discusses plan for 'Britannia card' to get wealthy Brits back to UK

Nigel Farage has discussed one of Reform's economic policies dubbed the 'Britannia card'.

He said: "These people are the biggest spenders in the country. But off they go.

"Milan welcomes them with open arms, as has Lisbon. Athens now doing the same.

"Dubai - a quarter of a million Britons now living in Dubai alone. And that is why we have introduced the idea of the 'Britannia card'. A one-off payment for non-doms to come back, settle here and pay all the relevant tax on their UK income."

Nigel Farage pledges Reform will become 'most pro-business Government seen in Britain in modern times' 

Nigel Farage has pledged Reform will become the "most pro-business" Government that has "been seen in this country in modern times".

The Clacton MP said: "My promise is that Reform will not just think differently but Reform will do differently.

"We will sweep away these outdated conventions, we will become the most pro-business, pro-entrepreneurship Government that has been seen in this country in modern times.

"We will bring into Government as advisors or ministers, people with real business expertise in their own sector and we will signal what we hope and believe and what we know we need to be a change of attitude in this country.

"A change of attitude towards hard work, a change of attitude towards making money, a change of attitude towards success and I would like to think this would begin in our schools.

"That we would have more national champions, that we take people who have come from nothing and become successes and make them heroes, make them role models for young people to follow because believe me, that is very, very needed indeed."

'Disconnect between conversations in Westminster and what is happening in economy is a gaping chasm' - Nigel Farage

Nigel Farage described the "disconnect" between Westminster and what is happening in the economy as a "gaping chasm".

The Reform leader said: "We believe that the fundamental problem behind so much of this - and yes of course there are global trend, yes of course these things are problems - but there is a fundamental problem at the heart of the way this country is run.

"It is the people that are actually doing it. We are run by a group of human rights lawyers, not entrepreneurs.

"Virtually nobody on the front bench has ever taken a risk, ever borrowed money, ever set up a business, ever had to meet that monthly or weekly payroll.

"There is no understanding at all. The disconnect between the conversations in Westminster and frankly in much of the media too and what is happening in the real economy is a gaping chasm."

'Brexit has been squandered', says Nigel Farage 

Nigel Farage said Brexit has been "squandered" during his speech on Britain's economy.

He said: "As for Benefits, well the bill this year has billed to over £300billion - that is more than the cost of the NHS and defence added up together.

"So things aren't happening and work isn't even paying. Our million lowest paid workers would all be better off if they claimed to have mild anxiety.

"That is the level of mess we are in. One of my own great frustrations is that Brexit has been squandered.

"The opportunity to sensibly deregulate, the opportunity to become competitive globally, all of that has been squandered.

"And the worst thing is, that regulations and the way that regulators behave with British business, is now worst than it was at the time of the Brexit referendum vote."

Nigel Farage: 'Mass migration has made the average Briton poorer'

Nigel Farage is delivering a speech on Reform's plans for the economy.

He said: "On an individual basis, mass migration has made the average Briton poorer.

"You take a year like 2024 - a record level of people coming into the country and GDP per capita falling.

"And of course the productivity problem - there is nothing new there.

"We have been suffering from poor productivity going back for the best part of 20 years.

"We convinced ourselves that by importing masses of cheap, unskilled foreign labour that somehow that would be good for our economy."

'Reform UK will restore public finances' - Zia Yusuf

Reform's Head of Policy Zia Yusuf has opened a press conference being delivered by the party this morning.

It is understood Nigel Farage will discuss Reform's plans to get a grip on public finances.

Mr Yusuf said: "The Tories and labour have wrecked the public finances. Reform UK will restore them.

"For decades now, the Tories and Labour have suffocated the British economy."

He said the parties had "wasted billions of pounds every year" by "prioritising foreign citizens".

Transport Secretary 'not convinced' airport-style security at rail stations is 'right response' to Huntingdon knife attack 

Transport Secretary Heidi Alexander said she "does not think it is practical" to introduce airport-style security at rail stations following the mass stabbing attack in Huntingdon, Cambridgeshire.

She told GB News: "I'm not convinced that airport-style security is the right response to this horrific incident.

"Thankfully incidents like this on the rail network are very, very rare.

"We are increasing the patrols of the British Transport Police in visible locations at big station sin the next couple of days to provide reassurance.

"We are also investing in improvements to CCTV so that British Transport Police can remotely access the video footage at stations that was captured by CCTV and we want to make better use of facial-recognition technology as well.

"What I don't want it is the one-off acts of people like this individual to actually then make life so much more inconvenient for everyone else.

"I don't think its practical to introduce airport-style security at our railway stations, but that is not to say that I don't understand why people are asking this and that is also not to say we are not reviewing security on our rail network."

Ministers to create new quango to run military housing

Ministers are set to create a new quango to run military housing after concluding the Ministry of Defence (MoD) was not up to the job.

The new Defence Housing Service, to be announced by Defence Secretary John Healey today, will take over management of service accommodation after years of complaints about poor quality homes.

It will operate as an arm’s-length public body, with Mr Healey saying the new service would “deliver better value for the taxpayer and fulfil our promise to provide homes fit for heroes”.

When created, it will be one of the largest publicly owned housing providers in the country.

Sources said MoD had “not been very good” at operating service accommodation itself and would be better able to focus on “core defence responsibilities” once housing was hived off to the new body.

Earlier in the year, Sir Keir Starmer pledged to reduce the number of quangos (quasi-autonomous non-governmental organisations) to improve accountability and cut back on bureaucracy.

Mr Healey said: “Our British forces personnel and our veterans fulfil the ultimate public service. Our nation is rightly proud of them. And the very least they deserve is a decent home.

“This new strategy will embed a ‘forces first’ approach that tells our forces, our veterans and their families: we are on your side.”

WATCH: Chris Philp says Reform's 'numbers don't add up' as he slams party's commitment to scrap two-child benefit cap 

Shadow Home Secretary Chris Philp said Reform UK's numbers "don't add up" as he slammed the party's pledge to scrap the two-child benefit cap as "completely unfair".

The Croydon South MP told GB News: "At the last election, Reform had a manifesto I think with 10s of billions - possibly even £100billion - of unfunded commitments.

"Even today Reform are proposing to actually increase welfare spending in fact we should be cutting welfare spending.

"They propose to get rid of the two-child benefit cap so hardworking taxpayers who can't afford to have more than two children themselves, have to pay taxes so somebody else can have four, five or six children. That is completely unfair.

"Reform are completely wrong about that. It is not only unfair and immoral to have hardworking taxpayers subsidise somebody else to have five kids it is also financially irresponsible as well. Their numbers I'm afraid don't add up."

Transport Secretary says major incident declared after train derailed in Cumbria

Transport Secretary Heidi Alexander said a major incident had been declared following a train derailment near Shap in Cumbria but “there are no reported injuries”.

National Rail said the train had left the tracks between Penrith and Oxenholme.

The ambulance service said in a statement: "Following reports of a train derailment near Shap in Cumbria, the trust has dispatched resources to the scene.

"We are currently assessing the situation and working with other members of the emergency services.

"Our priority is to ensure people receive the medical help they need as quickly as possible."

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Chris Philp calls for 'tough and radical action' following train stabbing

The Shadow Home Secretary says "tough and radical action" is needed to tackle knife crime in Britain following the mass stabbing on a train on Saturday.

Writing in The Telegraph, Chris Philp said: "What happened on that train makes clear Britain is now long overdue a serious overhaul of how we tackle the scourge of violence and knife crime.

"The Government must now take urgent action to restore confidence in policing and its ability to keep us safe."

He added that more knife crime offenders needed to be jailed and called for stop and search to be "dramatically increased".