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| General election 2019: Tory and Labour spending plans 'not credible' - IFS | General election 2019: Tory and Labour spending plans 'not credible' - IFS |
| (32 minutes later) | |
| Neither the Conservatives nor Labour are offering "credible" spending plans ahead of the election, an influential research group has said. | Neither the Conservatives nor Labour are offering "credible" spending plans ahead of the election, an influential research group has said. |
| The Institute for Fiscal Studies said it was "highly likely" the Tories would end up spending more than their manifesto pledges. | The Institute for Fiscal Studies said it was "highly likely" the Tories would end up spending more than their manifesto pledges. |
| Labour, it warned, would be unable to deliver its spending increases as it has promised. | Labour, it warned, would be unable to deliver its spending increases as it has promised. |
| Neither was being "honest" with voters, director Paul Johnson said. | Neither was being "honest" with voters, director Paul Johnson said. |
| He said that the Conservatives were continuing to "pretend that tax rises will never be needed to secure decent public services". | He said that the Conservatives were continuing to "pretend that tax rises will never be needed to secure decent public services". |
| Labour, he added, "pretends that huge increases in spending can be financed by just big companies and the rich". | Labour, he added, "pretends that huge increases in spending can be financed by just big companies and the rich". |
| It is "highly likely" that Labour would need to raise taxes beyond what it is promising to pay for its proposed £80bn a year in extra spending, he said. | |
| "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 criticised a Tory pledge not to raise income tax, national insurance or VAT over the next five years as "ill advised", adding the government would "regret" it. | |
| He also added that the party had "failed to come up with any kind of plan or any kind of money" for social care services. |