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Thursday, 6th May 2010

Filling the hole: how do the three main UK parties plan to repair the public finances?

Filling the hole: how do the three main UK parties plan to repair the public finances?
Source: Institute for Fiscal Studies, UK

Summary:

Large fiscal tightening required by all three parties
Conservatives plan to start and finish sooner
201011 to 201617: Conservatives would borrow 6% less than Labour & the Liberal Democrats would
debt to return to 40% of GDP in 203132 under all three parties
Bigger differences in planned ratio of spending cuts to tax rises Labour 2:1; Liberal Democrats (eventually) 21?2:1 and Conservatives 4:1 two 1993 Conservative Budgets planned for 1:1 ratio Labour and Conservatives plans imply further tax raising measures
All plans imply deep cuts to spending on public services
Labour & Liberal Democrat plans imply tightest sustained squeeze since April 1976 to March 1980
spending cuts as deep as Conservative plans imply not delivered over any sustained period since Second World War
Very little detail from any of the parties Liberal Democrats slightly less bad on this score than the other two but they would have the most to find in 201516 and 201617

Would any of the parties deliver cuts to public services on this scale? alternative is significant tax increases and/or welfare cuts

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