Farage admits it's 'impossible' to know if he would keep Reform's low-tax promise

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00:00I think the really big one here is lifting the tax threshold of £20,000.

00:05That to me is the biggest standout policy that we've got.

00:08And why?

00:09Because it goes totally against treasury orthodoxy, goes totally against all the current thinking.

00:15And I actually think it's something that is genuinely radical enough.

00:21And you pay for that largely from cancelling the interest on the QE money that is deposited

00:29by the banks.

00:30Have you ever seen a racket like it?

00:32I think you've got it down as £35 billion a year.

00:35Paul Tucker, the former deputy governor, thinks it's £45 billion, but whatever it is, it's

00:39a very big sum of money.

00:40But it will be less than £35 billion because interest rates will come down, so the very

00:43nature of it will be less.

00:44Well, they might come down a quarter of a point.

00:46I'll tell you what, they ain't coming down that far.

00:48And how do the banks that between them make £30 billion profit a year pay £35 billion

00:52or lose £35 billion?

00:56Why do you think their profits have surprised everybody every single time we see them?

01:03They shouldn't be having this money.

01:04It's wrong.

01:06And if they want to rip their customers off, well, customers will increasingly move to

01:12the challenges.

01:13It might not be a tax, but banking customers, business and personal, will be charged higher

01:18fees because you've taken the third one.

01:21So either we rip you off on your taxes or we rip you off on your bank.

01:23That's what you're saying.

01:24One way or the other.

01:26Your own estimate is that the tax cuts and spending will cost £70 billion a year.

01:30Yes, because we've also got cuts to inheritance tax, you know, to put that threshold up.

01:36To put that up to a couple of, yeah, seven or whatever it is, yeah, yeah, yeah.

01:41Now I asked Dan Needle, I've asked him to do every party's figures.

01:48He thinks, to be fair to you, he thinks your black hole is smaller than Labour's black

01:54hole.

01:55But he thinks your actual costs a year are £93 billion.

01:59And you're looking at a black hole of at least £15 billion to £30 billion.

02:05Good Lord.

02:06Against the national debt of £2.7 trillion.

02:07Doesn't sound too bad, does it, really?

02:08But isn't the point that every party is getting their figures right?

02:14Look, nobody's ever got this right.

02:17No forecast's ever been right.

02:18No, but that includes you, doesn't it?

02:20No one's ever got this right.

02:21It's impossible.

02:22I worked in financial markets for 20 years.

02:24I can't tell you what the price of gold's going to be next Thursday.

02:27All I will tell you is this.

02:28People will argue over the numbers tomorrow.

02:30They'll argue over whether we can make the efficiency savings.

02:32Of course they will.

02:33And that's right and proper that you and others should do that.

02:36What I can say to you is that we're putting forward something that I hope is going to

02:42provoke much more thought and debate over the coming years than anything we're getting

02:46from the Labour and Conservative parties.

02:48And we think there's some stuff in there that could make a very, very big positive difference.

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