Reform UK is set to abandon its tax cuts of a £90billion manifesto pledge as Nigel Farage promises to reduce spending cuts instead.

Richard Tice and Mr Farage still believe that major cuts in public spending are still achievable, and that the money created from there could be used to fund big tax cuts.

The party abandoned its pledge from the 2024 Reform manifesto, which proposed tax cuts worth £90billion, as well as spending commitments worth £50billion.

The key tax cut would have lifted the tax-free personal allowance of £20,000.

Mr Tice told Times Radio: “A manifesto is based on a point in time. The principles behind it are absolutely rock solid. We said we’ve got to make very significant savings in order to fund a different way to run the economy.

“What’s happened since then is that the state of the economy, because of the mismanagement by this Labour Government, the numbers have got far worse. And we will be focusing relentlessly, as I’ve been saying, on the savings.

“Reform will never borrow to spend, as Labour and the Tories have done for so long; instead, we will ensure savings are made before implementing tax cuts.

“I will have more to say on all this in the coming weeks.”

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Mr Farage is said to be planning a speech next month to overhaul the party’s economic policy.

The Reform UK leader said he expects to make £350billion worth of spending cuts over the course of the parliament.

He said he would find savings with cuts to net zero, migrant hotels and diversity initiatives.

A Labour spokesman said Reform’s economic policies were “built on sand”.

The spokesman added: “Farage continues to flirt with Liz Truss’s economy-crashing unfunded pledges – which would leave family finances at risk.

“Working people simply cannot trust Reform. They offer anger but no answers.

“Only this Labour Government is focused on renewing Britain, so that we can grow the economy and put money back in people’s pockets.”

Despite this criticism, the Reform UK leader speaking today believes he will be the next Prime Minister.

Asked by the host at a crypto conference in London if he was speaking to the future Prime Minister, Mr Farage said: “Are you talking to the next Prime Minister? I think so, yes.

“Politics is going through quite a revolution in our country at the moment. We’ve been used to two-party politics, and it’s been there for a long time.

“Is this a reflection of my own incredible charisma, oratory, skills, track record? Or is it that I’m up against a bunch of absolutely useless, the worst political leaders we’ve ever seen in our lives?”

Mr Farage’s party is currently polling at 27 per cent according to YouGov, seven per cent higher than their closest rivals Labour.