The Whole Truth

‘Neither Conservatives nor Labour are properly spelling out the consequences of their policy proposals’, so says the Institute for Fiscal Studies(IFS) in a statement that probably doesn’t come as much of a surprise to most. The differences between the two manifestos are stark. On the one hand, the Conservatives promise low tax, but the IFS believes that even lower spending and greater austerity would be a necessary consequence if they are to balance the budget by the mid-2020s. On the other, Labour promises more spending, delivered through raising taxes to the highest ever levels in peacetime. However, the IFS states that even this ‘would not work’ and believes that increased taxation of a wide population, rather than a handful of super-rich would be the necessary consequence.