Reform UK plans ‘don’t add up’ and costings are out ‘by tens of billions of pounds per year’, says IFS – as it happened

5.46pm BST

Afternoon summary

• Nigel Farage has launched the Reform UK manifesto with a number of populist pledges including proposed spending of £141bn a year as the rightwing party seeks to make inroads into Labour heartlands. The IFS has said the plans “don’t add up” and would cost “tens of billions of pounds per year” more than the party claims. Peter Walker and Sandra Laville have their own assessment here.

• Lord Cruddas, a Tory peer and former party donor, has shared dozens of social media posts supportive of Nigel Farage and Reform UK.

• The Conservatives could lose once safe constituencies such as Theresa May’s former seat in the coming general election, with nearly 40% of people willing to vote tactically to oust the Tories, a campaign group has said.

• Labour would try to improve elements of the UK’s trade deal with the EU, Rachel Reeves has indicated, saying also that most financial services companies have “not regarded Brexit as being a great opportunity for their businesses”.

5.34pm BST

Here is Archie Bland’s Election Edition, focusing on the Reform UK manifesto, and the spurious costings holding it together.