The Tories’ greatest liability is the belief that they are against public spending

The battle of the slogans will now be joined and could still have a significant effect on the election result. We already know what Labour will say about the Tories’ new economic policy. ‘The Tories claim that they can increase spending and cut taxes. And pigs will fly.’ The Tories will counter this with something on the lines of: ‘Every time this government spends a pound, it wastes seven-and-a-half p.