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Former Chancellor George Osborne has cautioned that Reform UK “cannot be relied upon to manage the economy”, accusing Nigel Farage’s party of lacking fiscal integrity at a moment when economic management is likely to shape the forthcoming general election.
Speaking amid escalating examination of Reform’s budgeted proposals, Mr Osborne dismissed the party as economically untrustworthy, highlighting its intentions to remove the two-child benefit limit and nationalise water firms — initiatives that have previously been labeled “socialist” by critics from the Conservative Party.
“I don’t believe individuals will choose Reform to rectify the economy,” he stated. “I would merely emphasize: economy, economy, economy, economy, economy as much as possible.”
His remarks arrive as the Conservatives, led by Kemi Badenoch, continue to lag behind in the polls. A recent MRP analysis from Electoral Calculus indicates Reform at 36 percent, with the Tories trailing far behind at just 15 percent — putting the Conservatives on track to secure only 24 seats, behind the SNP.
Reform UK recently rescinded its commitment to £90bn of tax reductions amid rising concerns regarding the party’s fiscal realism. Nonetheless, Mr Osborne expressed doubts about Mr Farage’s determination to make “difficult choices regarding the economy”, noting that electoral success depends on effectively managing growth, expenditure, and taxation with credibility.
The former Chancellor, who oversaw austerity measures during the Cameron-led coalition administration, contended that the Conservatives’ best chance of regaining support rests in reestablishing their reputation for economic discipline.
“Essentially, people vote for the Conservatives when they desire responsible governance of the economy,” he declared. “That has been the history of Conservative oppositions – they have triumphed when they have gained the trust of the public concerning economic matters.”
He mentioned that Labour remains exposed regarding economic proficiency, pointing to Chancellor Rachel Reeves’s difficulties in stimulating growth while upholding fiscal integrity. Specifically, he asserted Labour “lost part of its reputation with businesses” following last year’s £25bn National Insurance hike.
Osborne made these observations during an interview with The Telegraph at Coinbase’s London Crypto Forum, where he also urged the Conservatives to stake a claim in the digital finance arena to counteract Reform’s allure.
Mr Farage has positioned himself as a pro-crypto advocate, vowing to create a UK-backed Bitcoin reserve — a stance similar to initiatives in the US where Donald Trump has envisioned America as a prospective “Bitcoin superpower”.
However, Mr Osborne contended that the Conservatives should lead in establishing the UK as a forward-thinking financial center. “We shouldn’t be overly concerned about what Reform is proclaiming, but simply assert some positive messages ourselves,” he commented.
In light of recent fluctuations — with cryptocurrency markets losing around $400bn after Mr Trump threatened China with comprehensive tariffs — Osborne urged the UK to hasten regulatory clarity, warning that Britain risks being left behind as the US, EU, and UAE advance in fintech regulation.
“One of Britain’s significant assets is its financial services,” he stated. “We don’t want substantial financial services operations occurring in other jurisdictions because we aren’t permitting it here.”
With the Budget approaching in November, Osborne also urged Ms Reeves to reduce public spending instead of solely relying on tax increases to address a £30bn shortfall in the public finances, insisting that an over-dependence on revenue-generating strategies would be “extremely damaging to the nation’s economic performance”.
Despite internal Conservative rifts and a challenging electoral perspective, Osborne maintains that the Tories have a route back to fiscal credibility if they concentrate persistently on fiscal responsibility, investment, productivity, and pro-business growth strategies.
“We are the fiscally responsible, pro-business group – and we are ready to make difficult decisions regarding public spending,” he affirmed.
A spokesperson for Reform replied: “At the upcoming election, we will offer a meticulous and fully financially assessed manifesto. Reform will never borrow to spend, as Labour and the Tories have done for an extended period; rather, we will ensure savings are realized before enacting tax cuts.”
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