The Institute for Fiscal Studies (IFS) has released its analysis of the political party manifestos as polling day approaches on July 4.
Today a reader speaks on the elephant in the room that the analysis addresses.
Alex Orr, Edinburgh, writes
"The Institute for Fiscal Studies (IFS) is to be applauded for tackling the elephant in the room in this General Election campaign – namely, the stark choices that the key political parties will have to make in relation to the public finances if elected (‘Manifestos ignoring ‘toxic mix’ of fiscal challenges, says IFS’, June 25).
We in the UK are experiencing the highest level of debt for more than 60 years, the tax burden is at a record high, and public services are struggling.
While the Government is paying huge interest on this debt, and welfare bills have grown; spending on health is likely to increase because of an ageing population, with the funding of defence also set to rise. The solution to deliver increased investment, higher economic growth, is a pipe dream in at least the short to medium term.
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Taxes will therefore have to rise – despite a commitment by the main political parties not to raise VAT, National Insurance or income tax – or cuts made in public services, the alternative being to borrow more and see debt continue to escalate.
The main political parties must end this conspiracy of silence and be honest with the public as to what is in store further down the line. However, I would urge the voters not to hold their breath on this happening."
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