One of the election issues that has a lot of people talking over here is the fact that Gordon Brown chose to wear a pink tie at the first ever leaders’ debate. This – the fact that it was discussed – may be surprising.
What will not surprise anyone is that the second most talked about issue is the economy. Below is just a quick overview of the 3 main parties’ stances on the UK economy.
Tories
The conservative party have declared they will cut spending in all areas except for health and foreign aid. They are emphasising the current waste in government spending due to quangos and misplaced priorities (building facilities and manager bonuses rather than front-line duties) to highlight possible areas to cut. They would also return the Bank of England to be the main supervisor of banking activity (rather than the 3-office system currently in place).
In terms of taxation – one of their biggest rallying points – they pledge to scrap a 1% national insurance rise for people earning less than £35’000.
David Cameron very strongly drove this message home in the first debate, positioning the Tories to cut spending and support businesses and private employment.
Labour
The labour party has been in power for 13 years, overseeing a great boom and then the great bust. They argue that their actions – including a VAT cut and fiscal stimulus – have helped dampen the effects of the recession and want to continue with those spending programmes which they claim have helped maintain stability. They want to increase spending on the National Health Service and Education, but make freezes or cuts elsewhere. Banks would continue to be overseen by the Financial Services Authority, who would be given more powers.
Their tax plans include a 50pc tax rate on earnings of £150’000 and above; a freeze on inheritance tax thresholds, and a 1% increase in national insurance contributions.
Liberal Democrats
The LibDems supported Labour’s stimulus plans and bailouts. Their manifesto however wants to be the most open and honest on the figures. They have pledged to cut £15billion in public spending while not affecting front line services, although they warn that times will be difficult for the next few years.
They want to raise the income tax threshold; align capital gains tax with income tax, and introduce a mansion tax on properties worth £2million or more. They also pledge to pay young interns £55 a week for 3 months after their internships expire.
Nick Clegg’s stance at the debates could not have been clearer: the two “old” parties will only bring more of the same, and the LibDems are the only ones being honest about the figures while proposing concrete solutions.
I know where I stand personally on these issues, but I wanted to present the issues above as neutrally as I could. Hopefully I have succeeded, but let’s go ahead and remove the velvet gloves: where do you stand on the 3 parties’ proposals? Who do you think has the best plan for the UK, economically speaking?
The final debate was held last night. It seems Brown may have let slip plans for a new stealth tax on pensions, so that is one to add to the list.
Personally I have found these debates rather bland: the questions were simplistic and allowed for vague, PR-cosy replies. However what came across from the two main parties was this:
Labour: we must increase government spending to help move the economy forward.
Tories: we must increase private employment growth to help move the economy forward.
My position will not be a mystery to anybody, and I am frustrated that nobody has yet challenged Brown to disclose who will be paying for all these public sector jobs he wants to create. Cameron has vowed to reduce tax impositions on private business and enterprise and to increase government supplier-contracts with SMEs. Sounds like a winner to me.
From less of a policy (and more of a political) point of view, does Clegg make any difference in the election? First of all, does he stand a chance? Second, does he take votes from any particular party? For example, if liberals are more likely to vote for him, is it in the Tories’ interest for him to perform well?
Just wondering
Actually it looks like these debates are what have made the difference for him. The LibDems were not realistic contenders for the PM seat before that but after the first live debate the MSM decided that he had “won” the debate and it went into a frenzy.
Generally speaking I would say LibDem supporters were more likely to vote Labour, as LibDem MPs tend to vote with Labour on most issues. But I think a lot of that water has been muddied now.