Former chancellor George Osborne has warned that Reform UK “cannot be trusted to manage the economy” and accused Nigel Farage’s party of lacking fiscal credibility at a time when economic responsibility is expected to dominate the next general election.
Amid mounting criticism of the reform’s costly plans, Mr Osborne described the party as economically unreliable and pointed to its proposals to scrap the two-child benefit cap and nationalize water companies – measures already described as “socialist” by Conservative critics.
“I don’t think people will choose reforms to fix the economy,” he said. “I would just say economics, economics, economics, economics, economics, as much as you can.”
His intervention comes as the Conservatives, led by Kemi Badenoch, continue to fall behind in the polls. A recent MRP poll by Electoral Calculus puts the reform at 36 per cent, with the Tories trailing by just 15 per cent – meaning the Conservatives are expected to win just 24 seats behind the SNP.
Reform UK recently abandoned its commitment to £90 billion in tax cuts as concerns grow over the party’s fiscal realism. Still, Mr Osborne questioned whether Mr Farage had the resolve to make “difficult decisions on the economy”, pointing out that electoral success depends on credible management of growth, spending and taxes.
The former chancellor, who led austerity measures during the Cameron-led coalition government, argued that the Conservatives’ best hope of winning back support was to restore their reputation for economic discipline.
“Basically, people vote for Conservatives if they want adults to be in charge of the economy,” he said. “That’s the story of the conservative opposition – they succeeded when they won the country’s trust in the economy.”
He added that Labor remained vulnerable in terms of economic competence, citing Chancellor Rachel Reeves’ struggle to boost growth while maintaining fiscal discipline. In particular, he claimed Labor had “lost some of its reputation in the economy” by increasing National Insurance by £25 billion last year.
Osborne made the comments during an interview with The Telegraph at Coinbase’s London Crypto Forum, where he also called on the Conservatives to gain a foothold in the digital finance sector to neutralize the appeal of the reform.
Mr Farage has positioned himself as a crypto champion and promised to set up a UK-backed Bitcoin reserve – a policy that mirrors moves in the US, where Donald Trump has positioned America as a potential “Bitcoin superpower”.
But Mr Osborne argued that the Conservatives should take the lead in positioning Britain as an innovation-friendly financial centre. “We don’t have to worry too much about what Reform says, just say some good things ourselves,” he noted.
Despite the recent volatility – crypto markets lost around $400 billion after Mr Trump threatened China with 100 percent tariffs – Osborne called on the UK to speed up regulatory clarity, warning that the UK risks falling behind while the US, EU and UAE are in the process Fintech policy moving forward.
“One of Britain’s greatest strengths is financial services,” he said. “They don’t want to see major financial services activity happening in other jurisdictions because we don’t allow it here.”
With the Budget looming in November, Mr Osborne also urged Ms Reeves to curb public spending rather than relying solely on tax rises to plug a £30bn deficit in the public finances, claiming that an over-reliance on revenue-raising measures would be “very damaging to the country’s economic performance”.
Despite internal Conservative divisions and a bleak election outlook, Osborne insists the Tories retain a path back to economic credibility through a relentless focus on fiscal responsibility, investment, productivity and business-friendly growth strategies.
“We are the fiscally responsible, pro-business people – and we are prepared to make difficult decisions about public spending,” he said.
A Reform spokesman responded: “At the next election we will deliver a rigorous and fully calculated manifesto. Reform will never borrow to spend, as Labor and the Tories have done for so long; instead we will ensure savings are delivered before tax cuts are implemented.”
