From its text-based cover to its opening section devoted to fiscal responsibility, Labour’s manifesto is a document for austere times. Gone are the days when the party could hope to spend its way to social democracy.
The £90bn deficit that Labour would inherit in government means that it cannot repeat the public spending promises that defined previous manifestos. Miliband’s aim of eliminating the current deficit by the end of the next parliament (allowing borrowing for capital investment) is not as onerous as the Tories’ pledge to achieve an overall surplus – but it means significant cuts to all unprotected areas (everything excluding health, education and international development).
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