We’re a few weeks away from the UK general election and neither Boris Johnson or Jeremy Corbyn are exactly setting the world on fire with their campaigns. In fact both of them are looking increasingly incompetent as the big day draws near.
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Well the Institute of Fiscal Studies (IFS) has studied and analysed both parties’ manifestos this week, and have announced that neither offers a ‘properly credible prospectus’ in their spending plans.
The IFS says its ‘highly likely’ both parties will need to spend way more than what their manifestos have outlined if they win the general election and actually try to implement all their promises.
This means taxes and/or borrowing would have to rise no matter which party is running the UK after December 12. Of course Labour’s plan was to raise taxes for big business and the rich, but according to the IFS even that won’t be enough to raise the extra £83 billion a year in additional revenue they’ve planned. Not to mention there are no assurances these big companies will stick around to pay Labour tax anyway.
The party would also not be able to deliver on its promise to raise investment levels by £55 billion a year as the public sector does not have the capacity to ‘ramp up’ that much that quickly, according to the IFS.
Director Paul Johnson says:
In reality, a change in the scale and the scope of the state that they propose would require more broad-based tax increases at some point.
He also said the chances of the Conservatives being able to keep spending down over the course of a five-year parliament in the way that they proposed appears to be ‘remote’.
Why have they been so immensely modest in their proposals? Because to do otherwise would either mean resiling from their pledge to balance the current budget or would mean being up front about the need for tax rises to avoid breaking that pledge.
He said if Tory plans were delivered it would leave public spending – apart from health – still 14% lower in 2023-24 than it was when the Tories came to power in 2010-11.
No austerity perhaps, but an awful lot baked in.
In contrast, Labour would raise both taxes and spending to peacetime highs, with the national debt set to rise by around 3% of national income. This would include raising taxes for ‘many millions’ of ordinary working people.
What an absolute shit-show. I mean most people are already disillusioned by both parties as both Boris and Corbyn struggle in their TV appearances and interviews but this just confirms what we all suspected – neither party is fit to be in power and both are lying to everyone’s faces. I mean they must know better than anyone what’s realistic and what isn’t, right? You would think so anyway. It’s just about telling their supporters what they want to hear.
That’s the problem with only ever having two parties realistically in the running I guess. But then if there’s a better and more viable third option I haven’t seen that either.
In fact, whatever happened to that petition to make Louis Theroux prime minister? Someone we can somewhat trust, at least.