£70 Bn Black Hole in Tory Spending Pledges

Despite all the Tory bluster, as Mike has pointed out Labour’s spending plans are properly costed and have the support of 163 leading economists. They have sent a letter to the Independent stating their support, saying

It seems clear to us that the Labour party has not only understood the deep problems we face, but has devised serious proposals for dealing with them.

We believe it deserves to form the next government.

Labour spending plans are backed by leading economists

The Tories, however, have always claimed that they are the party of proper fiscal responsibility, who truly understand economics. In contrast to profligate, spendthrift Labour, they can be trusted with wise, frugal expenditure.

So how do their manifesto pledges stand up?

Not well. According to an article in Tuesday’s I, they’ve got a black hole to the tune of £ 70 bn in theirs.

The article by Hugo Gye reads

The Conservatives face a £70bn black hole in their spending plans after making a string of manifesto promises without explaining how to pay for them.

Boris Johnson has pledged to build dozens of hospitals, create a new rail network and set up a hi-tech “gigafactory” to make electric cars. He is also promising national insurance cuts, a new system of social care and relief for indebted students. None of his policies is costed in the party manifesto revealed on Sunday. They add up to £52.2bn in added capital investment, and an extra £20.6bn on the annual bill for day-to-day spending, according to figures calculated by I.

The Conservative manifesto proposed a rise in day-to-day spending of £2.9 bn as well as £3.6bn in tax cuts. But it also contained a number of policies with no price tag attached.

The biggest is Northern Powerhouse Rail, a new network linking Liverpool to Hull via Manchester and Leeds, which will cost £39 bhn. Other promised capital projects not costed by the manifesto include building 40 new hospitals and the construction of a gigafactory to make eco-friendly vehicles.

Tory sources said future investment plans would be funded by a £100 bn pot of capital expenditure, only £22 bn of which has so far been allocated to specific projects. The shadow Chancellor John McDonnell said, “With no evidence behind any of their figures, it looks like the Conservatives’ fake news approach applies to their manifesto too.”

The deputy Liberal Democrat leader, Ed Davey, added: “Boris Johnson’s relationship with numbers has all the hallmarks of his relationship with the truth – nonexistent.”

That’s precisely how it seems to me.

The fact that these pledges are not costed suggests very strongly to me that, like his promise to build 40 new hospitals, they’re lies. The Tories have no intention of honouring them. They’re only interested in slashing welfare spending and privatising the NHS and anything else they can get their hands on for the benefit of their rich corporate donors, Donald Trump and the American private healthcare industry, and the hedge funds. And they are going to wreck this country to do so.

Don’t be fooled by them. Labour really stands for restoring the welfare state, public infrastructure and the NHS. And it’s all properly costed.

They are the party of economic sense. Not the loony, lying Tories.

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One Response to “£70 Bn Black Hole in Tory Spending Pledges”

  1. A6er Says:

    Reblogged this on Tory Britain!.

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