Analysis of Major Parties' Financial Pledges by IFS

The Institute for Fiscal Studies presented a report analyzing the financial pledges of major political parties. The report criticized the smaller parties for potentially overreaching in their spending commitments, while highlighting the lack of proper acknowledgment from both the Tories and Labour regarding the challenging decisions ahead. The report questioned the feasibility of the claimed fully costed manifestos by both parties, emphasizing the impending difficult choices related to an aging population, social care, debt interest, welfare bill, and public service costs.