UK (Parliament Politics Magazine) – Reform UK leader Nigel Farage warns of a 2027 general election due to economic collapse and pledged his party will deliver pro-business reforms.
As reported by Sky News, Nigel Farage said he believes a general election will be held in 2027 due to an impending economic collapse.
What did Nigel Farage say about the UK economy and Brexit?
The Reform UK leader outlined the party’s new economic policies while attacking the current state of the British economy.
Nigel Farage claimed that rising GDP is driven by “mass migration on a scale never before seen.”
He slammed falling productivity, rising government debt, and ministers’ lack of experience in their departments.
Mr Farage said,
“My own view is that in two budgets time the markets will actually force the Chancellor into what will be a genuine austerity budget, at which point the left in the Labour policy won’t buy it.”
Reform leader stated,
“And it’s why I still stand by my prediction that there will be a general election caused by economic collapse, that will happen in 2027.”
He also claimed that the opportunities offered by Brexit have been “squandered.”
Mr Farage said,
“The opportunity to sensibly deregulate, the opportunity to become competitive globally, all of that has been squandered.”
The Reform leader also criticised the UK’s system of government.
He stated,
“There is a fundamental problem at the heart of the way this country is run. It’s the people that are actually doing it.”
Mr Farage added,
“We’re 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.”
He stated,
“If we had a parliament made up of more experienced people from a broader range of life, that might be okay. But the current convention that both parties stick with just simply doesn’t work.”
The Reform leader pledged that Reform UK “will not just think differently, but act differently.”
He stated,
“We will sweep away these outdated conventions.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.”
The Reform UK leader warned that Britain is “being left behind” amid a global boom in trade, digital assets, and cryptocurrency investment.
He said,
“I think for some years we’ve actually been living under an illusion. We’ve not been prepared to face up to just how much of an economic mess we’re genuinely in.”
Mr Farage stated,
“As we slip down the global league tables, we kid ourselves. ‘Well, it’s okay we’ve got GDP growth.’ But there wouldn’t have been any GDP growth over the course of the last few years if it wasn’t for mass migration on a scale hitherto never even contemplated.”
What did Nigel Farage say about Rachel Reeves?
Nigel Farage claimed Chancellor Rachel Reeves will soon be forced to implement a “genuine austerity Budget,” sparking a Labour Left backlash.
He said,
“The markets are getting nervy. We’ve seen this with 10 and 30-year gilt yields. In fact, I think my own view is that in two budgets’ time, the markets will actually force the Chancellor into what will be a genuine austerity Budget.”
Mr Farage added,
“At which point the Left in the Labour Party won’t buy it. And it’s why I still stand by my prediction that there will be a general election, caused by economic collapse that will happen in 2027.”
How did Nigel Farage warn about Britain losing industry to China?
Nigel Farage warned that Britain is deindustrialising rapidly and falling behind China.
He said,
“Just look at the pace, the rapid pace that we continue to deindustrialise. It’s all going: chemicals, refining, cement, heavy engineering, steel. We’re losing literally all of it.”
Mr Farage added,
“And China [is] the beneficiary in almost every single sector. Why? Because, for ideological reasons, we have chosen to have the most expensive industrial energy prices in the world.”
How will Reform UK bring business experts into government?
The Reform UK leader has announced that the party will bring external business figures into government departments as advisers.
Nigel Farage slammed MPs being assigned to departments outside their areas of expertise.
He said,
“If we had a Parliament made up of more experienced people from a broader range of life, that may be okay. But the current convention that both parties stick with just simply doesn’t work.”
Mr Farage stated,
“We’ll bring into government as advisers or ministers, people with real business expertise in their own sector, and we will signal what we hope and believe and what we know.”
He continued,
“We need to have 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.”
What did Nigel Farage say about restarting North Sea energy?
Nigel Farage said he aims to bring the North Sea back into operation.
He stated,
“We will scrap all net zero subsidies. We will bring down the cost of energy. We will get rid of the insane North Sea taxes put on by Jeremy Hunt and that have been added on the top by Rachel Reeves.”
Mr Farage said,
“Let’s get the North Sea operating. Let’s have a look at some of the new onshore gas fields that have been found in this country that will produce tens of thousands of well paid jobs.”
The Reform leader criticised current nuclear energy policies, calling them slow and overly expensive.
How did Nigel Farage outline plans to raise income tax to £20,000?
Nigel Farage announces plans to lift the starting point for income tax.
He said the party would scrap inheritance tax on family farms and businesses, saying,
“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.”
Mr Farage added,
“We would immediately remove IHT 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 of getting people out of the of the 16-hour-a-week working debt trap that so many people find themselves in.”
When asked about raising tax thresholds, the Reform leader told journalists any projections were uncertain, saying the 2027 election could see the economy in a far worse state than anyone could predict.
He announced plans to raise the income tax starting rate to £20,000 using a “carrot and stick” approach to boost employment.
Mr Farage said raising the income tax threshold to £20,000 is “vital for the country,” but the party will review the economy before setting exact figures.
What did Paul Nowak say about Reform UK’s plans?
Paul Nowak, the general secretary of the Trades Union Congress (TUC), stated,
“The cat is well and truly out of the bag – Reform is the party of austerity.”
He said,
“Nigel Farage wants to finish what the Tories started. After 14 years of cuts that gutted our schools, hospitals and councils, he’d slash even deeper – starving our public services of vital funds.”
Mr Nowak continued,
“While he’s at it, he’d drag Britain into a race to the bottom on workers’ rights, consumer and environmental standards – unleashing further chaos that would be paid for by working people.”
What is North Sea oil used for?
North Sea oil is primarily used for two main purposes:
- It is extracted as crude oil, which is then refined into fuels such as gasoline, diesel, and jet fuel, essential for transportation and industrial energy needs.
- Brent crude, a type of North Sea oil, is used as a global standard benchmark for pricing oil, influencing the international oil market and economies worldwide.