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Parties defend spending cut plans Parties defend spending cut plans
(about 3 hours later)
The parties have defended their spending plans amid claims they are not being upfront ahead of polling day about the scale of future cuts.The parties have defended their spending plans amid claims they are not being upfront ahead of polling day about the scale of future cuts.
The Institute for Fiscal Studies said the parties' plans were thin on detail.The Institute for Fiscal Studies said the parties' plans were thin on detail.
Chancellor Alistair Darling and his opposite numbers, George Osborne and Vince Cable, are all facing questions in a series of public appearances. Chancellor Alistair Darling said his decisions were the toughest of any chancellor for "many, many years".
Labour are campaigning on crime while the Tories and Lib Dems focus on bank reform and tuition fees respectively. Conservative George Osborne said they had never pretended their current plans would be enough. Lib Dem Vince Cable said he was unafraid of tough choices.
All three said they had been honest and claimed they were the only ones taking tough decisions on the economy.
Wednesday's other developments include:Wednesday's other developments include:
The Institute for Fiscal Studies (IFS) has 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 Institute for Fiscal Studies (IFS) has said none of the three largest parties at Westminster has come "anywhere close" to making clear where cuts would be made to meet their deficit reduction targets over the next four years.
This, it said, was despite the parties' plans implying the deepest cuts in spending since the 1970s and - in the case of the Conservatives - the biggest one-year reduction in public spending since demobilisation at the end of World War II.This, it said, was despite the parties' plans implying the deepest cuts in spending since the 1970s and - in the case of the Conservatives - the biggest one-year reduction in public spending since demobilisation at the end of World War II.
Vince Cable outlines Lib Dem plans to deal with public sector benefitsVince Cable outlines Lib Dem plans to deal with public sector benefits
Senior figures from the three parties are speaking on the issue at the Institute of Directors' annual conference. Miles Templeman, director general of the Institute of Directors [IoD], accused politicians of "complacency", telling BBC Radio 4's Today programme they had failed to describe "the scale of the deficit reduction we're going to need".
Its director general, Miles Templeman, accused politicians of "complacency", telling BBC Radio 4's Today programme they had failed to describe "the scale of the deficit reduction we're going to need".
Long-term plans on "infrastructure investment, rebuilding our skills position and deregulating" were also not being explained.Long-term plans on "infrastructure investment, rebuilding our skills position and deregulating" were also not being explained.
However, Foreign Secretary David Miliband said Labour's commitment to halving the deficit within four years was clear, with planned cuts in transport capital spending, departmental budgets and savings through public sector pension and pay restraint. In a keynote speech on the economy in Edinburgh, Chancellor Mr Darling said the government had been "very clear" about the need to cut Britain's record deficit.
When pressed as to why the party had not given more detail, he said: "In an economic hurricane you don't do a detailed weather forecast." "There can't be that many chancellors who have gone into an election saying that the spending conditions are such that we'll have one of the toughest settlements in many, many years," he said.
He said the main complaint of the IFS appeared to be that the government had not set out planned cuts into 2016/17 - well into the parliament after next. Repeating Labour's commitment to halve annual borrowing within four years, while protecting spending on the NHS, schools and police numbers, he added: "The rest of spending will face a much tougher regime."
'Economic illiteracy' Mr Darling said no spending review was carried out in the past year because areas like unemployment and debt interest were expected to be higher than they have turned out.
Mr Miliband also described Conservative leader David Cameron's comparison of the UK to Greece, where the credit rating has been downgraded to "junk", as "economic illiteracy". He added that shares in the part-nationalised banks were showing a £5bn profit and could help pay off the national debt.
UK current account and annual deficits were much smaller and debts were payable over a longer period, he added. Mr Darling later told BBC Radio 4 the IFS had referred to projections up to 2017 - in the parliament after next.
First to go before the IoD conference was Lib Dem Treasury spokesman Vince Cable who said politicians needed to break down some "basic taboos", such as cuts in welfare benefits. "You're asking a lot of any chancellor to set a budget for eight years time."
Shadow chancellor George Osborne told the IoD's annual conference that it was "pathetic" to suggest the government could not save money by freezing IT projects and not filling vacant posts.
"It's ludicrous to claim that wasting money is central to economic recovery," he said.
Mr Osborne repeated pledges to impose a public-sector pay freeze, cut back on the availability of child trust funds and child benefits, and reduce incapacity benefit for those judged fit to work - and said the Tories would go further.
How taxes are raised and spent Flanders: A conspiracy of silence Send us your comments
"Have we ever pretended to you that these are all the things we need to do? No. Anyone elected next Thursday will have to do more," he said.
He was setting out plans for a new regulation system, a bank levy and the creation of a new economic crime agency.
Lib Dem Treasury spokesman Vince Cable had earlier told the audience that politicians needed to break down some "basic taboos", such as cuts in welfare benefits.
The Lib Dems had plans to scrap child trust funds, reduce winter fuel payments for the under 65s and address public sector pension funding, he said.The Lib Dems had plans to scrap child trust funds, reduce winter fuel payments for the under 65s and address public sector pension funding, he said.
Mr Cable said it made "absolutely no sense" to cut back the budgets of "low-profile departments to protect bureaucracy in high-profile departments", such as education or health.Mr Cable said it made "absolutely no sense" to cut back the budgets of "low-profile departments to protect bureaucracy in high-profile departments", such as education or health.
class="" href="/2/hi/uk_news/politics/election_2010/8623321.stm">How taxes are raised and spent class="" href="http://www.bbc.co.uk/blogs/thereporters/stephanieflanders/2010/04/a_conspiracy_of_silence.html">Flanders: A conspiracy of silence class="" href="http://www.bbc.co.uk/blogs/haveyoursay/2010/04/which_party_can_be_trusted_wit.html">Send us your comments But he added: "In the short term, you shouldn't be doing anything in government that pushes the economy into a double-dip recession."
But he added: "In the short-term, you shouldn't be doing anything in government that pushes the economy into a double-dip recession." 'Economic illiteracy'
Speaking at a campaign event in Wakefield, Mr Cameron said only his party would take tough action such as imposing a public-sector pay freeze and cutting back on the availability of child trust funds and child benefits. Speaking earlier at a campaign event in Wakefield, Mr Cameron had said: "The responsibility for the start of this problem and not being frank with the public lies squarely at the door of Gordon Brown."
"The responsibility for the start of this problem and not being frank with the public lies squarely at the door of Gordon Brown," he added. However, Foreign Secretary David Miliband described the Conservative leader's comparison of the UK economy to Greece, where the credit rating has been downgraded to "junk", as "economic illiteracy".
Shadow chancellor George Osborne and Business Secretary Lord Mandelson will also take questions at the IoD conference. UK current account and annual deficits were much smaller and debts were payable over a longer period, said Mr Miliband.
Mr Osborne is expected to set out plans for a new regulation system, a bank levy and the creation of a new economic crime agency. Business Secretary Lord Mandelson will also take questions at the IoD conference.
He is set to tell his audience: "Our objective is very clear: a successful and competitive banking industry that works for the people instead of being bailed out by the people."
Meanwhile, Mr Darling is expected to criticise the Conservatives' judgement.
"It's not their youth and inexperience that worries me about the Tory leadership. It is their values, their instincts and their dangerous policies," he is expected to say.
CCTV debate
Separately, the chancellor will make a keynote speech in Edinburgh as the economy takes centre stage ahead of Thursday's final TV prime ministerial debate - which will focus predominantly on the issue.
The BBC's political editor Nick Robinson said the parties' reluctance to talk about the details of future cuts was understandable given the closeness of polling day, but it risked another crisis in confidence in the political system if people felt they were only told the truth after the election.The BBC's political editor Nick Robinson said the parties' reluctance to talk about the details of future cuts was understandable given the closeness of polling day, but it risked another crisis in confidence in the political system if people felt they were only told the truth after the election.
After the Conservatives focused on crime on Tuesday - with leader David Cameron saying millions of lives were being blighted by poverty, family breakdown, educational failure and social irresponsibility - Labour hit back.
Home Secretary Alan Johnson said Tory claims about rising crime were based on "fundamental deceit" and set about defending use of CCTV to tackle crime.
He introduced model Katie Piper, who had acid thrown in her face in north London in March 2008 and whose attackers were convicted using CCTV evidence.
FROM THE TODAY PROGRAMME More from Today programmeFROM THE TODAY PROGRAMME More from Today programme
She said: "The feeling [on the day they were sentenced] of relief and faith restored in society was unbelievable. I'm very comforted by the thought that CCTV cameras are in public areas." Later, Lib Dem leader Nick Clegg will argue that his party is the only one committed to scrapping student tuition fees, although he will admit the crisis in the public finances means this cannot be done "overnight".
Mr Clegg will later argue that his party is the only one committed to scrapping student tuition fees, although he will admit the crisis in the public finances means this cannot be done "overnight".
He will say his opponents want to allow universities to raise the current cap on fees, and this would be a "disaster".He will say his opponents want to allow universities to raise the current cap on fees, and this would be a "disaster".
"Students can make the difference in countless seats in this election," he will say."Students can make the difference in countless seats in this election," he will say.
"Use your vote to block those unfair tuition fees.""Use your vote to block those unfair tuition fees."
Meanwhile, the latest opinion polls continue to suggest no single party is on course to win an outright majority.Meanwhile, the latest opinion polls continue to suggest no single party is on course to win an outright majority.
A Populus poll for the Times puts the Conservatives on 36%, up four points on last week, the Lib Dems down three points on 28% and Labour down one on 27%.A Populus poll for the Times puts the Conservatives on 36%, up four points on last week, the Lib Dems down three points on 28% and Labour down one on 27%.
A YouGov daily tracker poll for the Sun puts the Conservatives on 33%, Labour on 29% and the Lib Dems on 28% while a Comres poll for the Independent and ITV News puts the Tories on 33% and Labour and the Lib Dems level-pegging on 29%.A YouGov daily tracker poll for the Sun puts the Conservatives on 33%, Labour on 29% and the Lib Dems on 28% while a Comres poll for the Independent and ITV News puts the Tories on 33% and Labour and the Lib Dems level-pegging on 29%.
The BBC's head of political research David Cowling said the polls were following the pattern of the past 10 days, with the battle a clear three-horse race and a hung parliament remaining a distinct possibility.The BBC's head of political research David Cowling said the polls were following the pattern of the past 10 days, with the battle a clear three-horse race and a hung parliament remaining a distinct possibility.