May 11
We have a leaked Labour manifesto and a Tory commitment to more defence policy spending. Labour are defaulting to a 1970s/80s socialist persona, and the Tories playing to a stereotype of being the party to protect the country. The problem is that as both back leaving the single market and customs union, their piggy banks will be empty. There is no way to pay for their commitments without greatly increased public debt (which will cost more in future), tax rises or cuts elsewhere. Short term gain for long-term pain. Unfortunately, this tory/labour way of gaming the election for the past few decades is why Britain continues to operate with budget deficits, has failed to develop long term strategies like Norway's sovereign wealth fund (built using the same oil revenues Britain squandered on tax cuts and short term spending splurges) and has blamed all its problems on external factors like the European Union, or immigrants.