Morning Call: pick of the comment

The ten must-read pieces from this morning's papers.

1. Michael Foot, the most misunderstood of men (Times)

Roy Hattersley says that Michael Foot was the most misunderstood politician of his lifetime. Cast as a fey Robespierre, he was in fact a kingly and humorous man.

2. Don't be afraid of a hung parliament (Guardian)

It is nonsense to suggest that a hung parliament would produce a weak government incapable of tackling the deficit, writes Timothy Garton Ash. Most of the largest fiscal consolidations have happened under coalition governments.

3. Foot symbolises a lost world (Independent)

Democratic politics may never see the likes of Michael Foot again, writes his biographer Kenneth O Morgan. An inspirational and civilising force, he symbolised a world we have lost.

4. Labour's Foot mythology has finally run out of time (Guardian)

Elsewhere, the Guardian's Seumas Milne argues that New Labour can no longer use Foot's leadership to claim that the party cannot be elected on a left-of-centre platform.

5. The BBC's retreat may yet turn into a rout (Times)

The looming BBC cuts will not end the political debate over the licence fee, writes David Elstein. A new government is likely to conclude that at least some of the £600m saved should be used to reduce it.

6. The Tories are on a rocky road towards their sunlit uplands (Daily Telegraph)

David Cameron may have asked us to "vote for change" but he has yet to persuade us that change is necessary, argues Benedict Brogan. He must do so, or risk seeing Brown persuade us to stick with the government.

7. In government America must trust (Financial Times)

Trust in government is most important when citizens are asked to make sacrifices for a brighter future, writes William Galston. Barack Obama must hope that trust increases as the economy returns to growth.

8. We have to learn from Japan's lost years (Daily Telegraph)

The behaviour of the pound this week was a reminder that the time for borrowing is over, and that the time to pay our debts has come, writes Edmund Conway.

9. Greece is right -- Britain and Europe are letting it down (Independent)

Greece and Europe need an EU-wide economic package that stays the gathering momentum for savage budget cuts, says Adrian Hamilton.

10. Cut the arts at your peril (Guardian)

Charlotte Higgins argues that the Tories are wrong to claim that US-style philanthropy can make up for slashed spending on the arts.

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The 5 things the Tories aren't telling you about their manifesto

Turns out the NHS is something you really have to pay for after all. 

When Theresa May launched the Conservative 2017 manifesto, she borrowed the most popular policies from across the political spectrum. Some anti-immigrant rhetoric? Some strong action on rip-off energy firms? The message is clear - you can have it all if you vote Tory.

But can you? The respected thinktank the Institute for Fiscal Studies has now been through the manifesto with a fine tooth comb, and it turns out there are some things the Tory manifesto just doesn't mention...

1. How budgeting works

They say: "a balanced budget by the middle of the next decade"

What they don't say: The Conservatives don't talk very much about new taxes or spending commitments in the manifesto. But the IFS argues that balancing the budget "would likely require more spending cuts or tax rises even beyond the end of the next parliament."

2. How this isn't the end of austerity

They say: "We will always be guided by what matters to the ordinary, working families of this nation."

What they don't say: The manifesto does not backtrack on existing planned cuts to working-age welfare benefits. According to the IFS, these cuts will "reduce the incomes of the lowest income working age households significantly – and by more than the cuts seen since 2010".

3. Why some policies don't make a difference

They say: "The Triple Lock has worked: it is now time to set pensions on an even course."

What they don't say: The argument behind scrapping the "triple lock" on pensions is that it provides an unneccessarily generous subsidy to pensioners (including superbly wealthy ones) at the expense of the taxpayer.

However, the IFS found that the Conservatives' proposed solution - a "double lock" which rises with earnings or inflation - will cost the taxpayer just as much over the coming Parliament. After all, Brexit has caused a drop in the value of sterling, which is now causing price inflation...

4. That healthcare can't be done cheap

They say: "The next Conservative government will give the NHS the resources it needs."

What they don't say: The £8bn more promised for the NHS over the next five years is a continuation of underinvestment in the NHS. The IFS says: "Conservative plans for NHS spending look very tight indeed and may well be undeliverable."

5. Cutting immigration costs us

They say: "We will therefore establish an immigration policy that allows us to reduce and control the number of people who come to Britain from the European Union, while still allowing us to attract the skilled workers our economy needs." 

What they don't say: The Office for Budget Responsibility has already calculated that lower immigration as a result of the Brexit vote could reduce tax revenues by £6bn a year in four years' time. The IFS calculates that getting net immigration down to the tens of thousands, as the Tories pledge, could double that loss.

Julia Rampen is the digital news editor of the New Statesman (previously editor of The Staggers, The New Statesman's online rolling politics blog). She has also been deputy editor at Mirror Money Online and has worked as a financial journalist for several trade magazines. 

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