Rupert Lowe, the leader of Restore Britain, says his party's tax policies will be funded by ending the triple lock and making significant welfare cuts - Oli Scraff/AFP via Getty ImagesRestore Britain's pledge to cut income tax could cost £100bn, in a move economists warned risks opening up "another gaping hole" in the public finances. Restore said it would increase the amount workers can earn tax-free to £16,000 – the level it would be today if the threshold had kept pace with the cost of living. Restore, which is in talks with Reform UK regarding an electoral pact, estimated its income tax cuts would cost around £50bn a year. However, rough estimates by HMRC show that every £100 increase in the personal allowance costs roughly £1bn, suggesting a £3,400 increase to £16,000 could cost roughly £34bn a year alone. Mr Lowe added that replacing the current triple lock with a link to inflation was necessary to restore intergenerational fairness.