Parties Ducking Hard Choices Between Taxes, Cuts, and Debts, Says IFS

Both Labour and the Conservatives have been hiding and ducking the difficult fiscal choices that the country faces, says the Institute for Fiscal Studies (IFS). Launching the think tank’s analysis of election manifestos, IFS Director Paul Johnson reiterated the think tank’s previous remark that there have been a “conspiracy of silence” on parties’ spending plans. Mr. Johnson said unless the next government gets lucky, it will soon face “a stark choice” among the trilemma of raising more taxes, spending cuts, or breaking its fiscal rule by raising more debt. Regardless of which party will win on July 4, the next UK government will inherit the highest debt level in over 60 years and the highest tax burden in over 70 years....