The Borrowers

IFS verdict…

Here are the top lines:

  • Tories: debt as a share of national income reduced from 80% in 2014–15 to 72% by 2019–20
  • Labour, Liberal Democrat and SNP plans, debt in 2019–20 could be more like 77%, 75% and 78% respectively
  • Labour have been much less clear about exactly what level of deficit reduction they want to achieve than the Tories
  • The Tories need to spell out substantially more detail of how they will deliver the overall fiscal targets they have set themselves
  • The SNP’s fiscal numbers imply the same reduction in borrowing over the next parliament as Labour
  • Under the SNP, the period of austerity would be longer than under the other three parties

Ultimately, the IFS is scathing of all parties:

“the electorate is at best armed with only an incomplete picture of what they can expect from any of these four parties”

Even under the most ‘austere’ plans, those of the Tories, debt as a share of national income will still be 72%…




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Quote of the Day

Jo Swinson on Chris Rennard…

“Vince — and Tim before him — have repeatedly, publicly said Rennard is not welcome anywhere near their frontbench team, even as an adviser. I remain deeply frustrated that he was not expelled from the party through its disciplinary process. It just feels wrong, and I do not want Lord Rennard to continue as a member of the party. As far as I am concerned, he is not welcome.”

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