The two main political parties are in a bidding war over which can promise to increase taxes the least. Each accuses the other of harbouring a desire to push up taxes to support a growing list of spending pledges.
The Conservatives say there is a £38.5bn funding gap in Labour’s spending promises over the next five years and that to cover it, “Labour will increase your taxes by £2,094”. Labour claim unfunded Tory spending pledges add up to £71bn, or 2% of GDP.
