A new, comprehensive and forensic analysis of Labour's policies published today [1] shows that Ed Miliband's Party would increase borrowing and debt by £20.7 billion in the first year of the next Parliament claim the Conservatives.

The Tory party says that Labour has promised that it would not make any unfunded spending commitments at this general election.

Ed Balls said that 'any changes to spending plans for 2015/16 must be fully funded'.

But since this pledge was made in June 2013 says the Conservative Party, Labour frontbenchers have made:

 

• £23.26 billion of spending proposals for 2015/16;

• But only £2.52 billion of proposals to raise revenue in that year.

That means Labour would increase borrowing and debt in 2015-16 by £20.7 billion, or £1,200 for every working household in the country.

Chancellor of the Exchequer, George Osborne, said:

GBP Coins"The evidence produced today shows that Labour Party have not demonstrated the fiscal discipline or economic competence that earns an opposition the credibility to form a government. The evidence shows they are a risk to economic recovery.

"So the British people have a clear choice at the next election. Continue on the road to a stronger economy with a competent Conservative team that have a long term plan. Or choose the chaos of the £20.7 billion unfunded spending promises, higher taxes and more borrowing offered by the alternatives which would take us back to the economic mess Britain was in five years ago.

"Competence or chaos. That is the choice at this critical general election."

[1] A cost analysis of Labour Party policy for 2015-2016.

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