ALL three main political parties have failed to clearly spell out their plans for public spending, according to an independent think tank.
Labour, Conservative and Lib Dems are ALL “particularly vague on their plans for public spending” .
And ALL their plans for the economy “would require deep cuts to public spending”, says the report by the Institute for Fiscal Studies.
It goes on:
“Labour and the Liberal Democrats would need to deliver the deepest sustained cuts to spending on public services since the late 1970s. While, starting this year, the Conservatives would need to deliver cuts to spending on public services that have not been delivered over any five-year period since the Second World War.”
The Director of the IFS, Robert Chote outlined the impact on public spending of each parties’ General Election promises.
“By 2014–15 the Conservatives need to find cuts of almost £64 billion a year in their unprotected areas,” he revealed,” Labour almost £51 billion and the Liberal Democrats almost £47 billion.
“No party has come anywhere close to identifying where their savings would come from. The Liberal Democrats have identified about a quarter, the Conservatives less than a fifth and Labour about an eighth of what they would need.”
Mr Chote also questioned the ability of both Labour and the Conservatives to find the “efficiency savings” they have promised to lessen the necessity for cuts in spending.
Read his full remarks here: IFS Election 2010 Briefing
For more detail see: Filling the hole: how do the three main UK parties plan to repair the public finances?
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