Nigel Farage is challenged for wanting to give millionaires a huge tax cut and claims that “the poorest would benefit most”

NIGEL Farage today responded to criticism that his plans to impose taxes will benefit millionaires the most.

The Reform Leader insisted that his radical economic agenda would give the biggest boost to “the poorest in society”.

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Farage has promised to increase the personal tax allowance to £20,000 and the inheritance tax threshold to £2 million.

Stamp duty on homes under £750,000 would be scrapped.

And the VAT threshold for small businesses would rise from £90,000 to £150,000.

On Good Morning Britain, the independent politician was challenged over his tax breaks, which in cash terms would give the biggest payout to Brits earning more than £95,000.

The plans would not make a direct difference to Britons’ take-home pay on Universal Credit because they don’t pay tax anyway.

But Farage said struggling families would benefit because low taxes would encourage higher wages.

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Asked on Good Morning Britain about who gains the most from the Reform plans, Mr Farage said: “People on benefits would be the ones who would gain the most because their whole life would be transformed if work paid off.

“In percentage terms, those at the bottom would perform better.”

Pressed on why Reform thinks it is fair to cut taxes for millionaires, Farage added: “We want to cut taxes for everyone.

“The more you earn, the more you take home.

“We are becoming the third largest party and we want to have an open debate about the things we stand for.”

The Institute for Fiscal Studies estimates that the Reform cuts would cost almost £90 billion a year.

Despite declaring Britain “weak”, Farage also proposed additional spending plans worth £141 billion – with experts questioning the amounts.

Yesterday, the 60-year-old Brexit leader declared that his “unabashedly radical” party would offer “real and genuine change” in a dig at Sir Keir Starmer and Prime Minister Rishi Sunak.

Farage, alongside Reform chairman Richard Tice, launched the document, “Our Contract with You”, at a run-down community center in Gurnos, South Wales.

He said the decrepit building shows “exactly what happens to a country when the Labor Party is in charge”.

It came hours after Farage – always wearing Union Jack socks – admitted for the first time that he has ambitions to break into Number 10 as prime minister in just five years.