The Tories have warned Nigel Farage would bankrupt Britain with £140billion of ‘giveaways’ as panic mounts over Reform’s surge.

Shadow chancellor Mel Stride has moved to turn a spotlight on Mr Farage’s policies as he emerges as genuine contender for Downing Street.

Polls have given Reform a commanding lead over both Labour and the Conservatives in the wake of the local elections. 

A BMG Research survey in recent days put the newcomers on 32 per cent, with Keir Starmer‘s party on 22 per cent and the Tories a dismal 19 per cent.

Reform picked up hundreds of councillors and took control of 10 town halls as the scale of the public shift became clear.

It also secured another MP by winning the Runcorn and Helsby by-election, and won mayoralties in Greater Lincolnshire and Hull and East Yorkshire.

In an article for the Mail this weekend, Mr Farage fleshed out his platform for government, including raising the threshold for paying income tax to £20,000 and scrapping inheritance tax for estates worth up to £2million.

Painting himself as a leader who can deliver, the Clacton MP said: ‘I will repay those who put their trust in me. I will not let the country down.’ 

However, Mr Stride attempted a fightback today, posting a withering assessment of Reform’s plans on X.  

He accused Mr Farage of proposing things that are ‘not serious’ in a bid to woo Brits.  

‘Reform’s manifesto would spell financial ruin for the UK. They simply aren’t a serious party of government,’ he said. 

‘Their proposals on income tax cuts alone would cost about a third of the entire NHS budget.’

Mr Stride added: ‘We MUST drive taxes lower, but that has to be done in a responsible way. Reform say they would increase the tax-free allowance by about £7,500. 

‘HMRC estimates show that every £100 increase in the allowance would cost about £1bn a year.’

Mr Stride also highlighted the Reform manifesto commitment to slash taxes on company profits from 25 per cent to 15 per cent. 

‘Corporation Tax raises about £100billion a year,’ he said. 

‘Whatever the behavioural effects, that would blow another massive hole in government revenues. 

‘Again, all of this has to be paid for somehow.’ 

Mr Stride added: It’s quite clear that if Reform ever got into government these policies would quickly leave us with spiralling national debt and paying crippling levels of interest on it – leaving our children to pick up the bill.’ 

Meanwhile, Keir Starmer has suggested the next election could be a contest against Reform.

He told the Sun on Sunday: ‘Certainly we were planning on the basis we were likely to be facing Reform at the next election in any event. So that coincides with our thinking.’

Taking aim at Kemi Badenoch, he added: ‘I think the Tory Party is a busted flush.’