The IFS has read through the manifestos and decided - depressingly - that all of them should carry a health warning of sorts, Joel Hills reports.
Scathing criticism of the main party's manifestos came from the Institute for Fiscal Studies today as ITV News Business and Economics Editor Joel Hills explainsWhere there is heat, their team of independent economic researchers offers light.
As for the Greens, the plan for a carbon tax-raising £90 billion a year would reduce emissions but would also cause inflation and be “economically disruptive”. “I don’t think it’s credible to say you will not have any tax increases that affect any working people,” says Paul Johnson, Director of the IFS.If Labour wins the election, the IFS calculates spending on investment and unprotected public services would likely be cut by around £22 billion a year by the end of the next parliament.
The IFS says, that if the next government is lucky and growth comes in 0.5% a year higher - those spending cuts would disappear. Labour and the Tories have already ruled out increases to the three big taxes - income tax, national insurance and VAT - which together raise just over 60% of revenues. Labour’s manifesto is a series of policies aimed at raising growth which the IFS judges to be sensible, although it warns they will take time to have an impact and planning reform will be “technically difficult and politically painful”.
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