Main Parties Spending Plans 'Thin On Detail'

Political parties are today defending themselves as their spending plans are being deemed "thin on detail".

The Institute of Fiscal Studies (IFS) has criticised Labour, the Conservatives and the Liberal Democrats by claiming they are keeping voters in the dark about their spending plans.

The institute claims that the parties are not being honest about the measures needed to restore the government's finances.

According to IFS there are black holes of up to £52 billion in the economic plans the parties have published as part of the election campaign.

They said none of the three largest parties at Westminster have come "anywhere close" to making clear where cuts would be made to meet their deficit reduction targets over the next four years.

The IFS allege that the main parties would find it nearly impossible to cut public services as sharply as they propose thus leading to them having to raise billions more in taxes.

The Telegraph has reported that the average family already faces tax rises of more than £500 a year in the face of the £1 trillion deficit. But, according to the IFS, Labour will need to increase taxes by another £7 billion a year under its economic plan and the Conservatives will need to raise taxes by about £3 billion.

Figures produced by the institute show that Tory plans to reduce the deficit by £70 billion would put a pressure on government spending not seen since the 1920s.

Meanwhile the figures suggested under Labour and the Liberal Democrats we will see public spending cuts reminiscent of the 1970s, because they intend to raise more tax than the Conservatives.

This analysis has been released ahead of tomorrow's final televised debate, on the theme of economic affairs.

Gordon Brown, David Cameron and Nick Clegg have already been accused of clashing over peripheral issues so far, while failing to address the major economic problems they will face over the next five years.

The IFS said it is "striking" how reticent the main parties had been in explaining the "defining task of the next administration".

"The opposition parties have not even set out their fiscal targets clearly. The blame for that lies primarily with the Government for refusing to hold a spending review before the election," added the IFS.

The Prime Minister has been anxious not to focus on the country’s debts in case it highlighted his questionable record as Chancellor.

Mr Cameron was among the first to warn of the dangers posed by the deficit but has recently campaigned on more positive policies and even pledged tax cuts.

Lib Dem policies have been scrutinised far less than the other two parties as a result of their sudden rise to prominence following Mr Clegg’s success in the television debates.

(LB/GK)