Labour could not provide detailed figures for its demolition job on the Tories' spending plans today but its basic point was that the party's manifesto commitments add up to £15.7bn more than it is admitting by 2007/08.
Shadow chancellor Oliver Letwin dismissed Labour's claims as "rubbish" but in truth it is impossible to tell which side is right without a detailed, independent audit of the Tories' plans.
The Tories basically plan to raise spending in the coming years by one percentage point less than Labour - 4% rather than 5%. That means spending rises by £12bn less than Labour by 2007/08 and £35bn less by 2011. It is difficult to see, in reality, how the Conservatives could raise spending by 4% a year, reduce government borrowing and cut taxes all at the same time.
Similarly, it is difficult to see that Labour can raise spending by 5% a year and reduce government borrowing without raising taxes. Expect a lot of half-truths from both sides in the weeks ahead.
Ashley Seager, economics correspondent
