Party leaders and representatives gathered to join the BBC’s Election Debate. Rishi Sunak, representing the Conservatives, attacked Rebecca Long-Bailey, the Shadow Secretary for Business, Energy and Industrial Strategy, over Labour’s “reckless” spending plans. A member of the audience, Peter Warren from Reading, asked: “With all the parties promising to spend more money during the campaign, what guarantees could you give that these spending plans will be delivered when you get into Government?”

Mr Sunak said: “When we came into office, Labour had left this country on the brink of bankruptcy, but because of the actions we took, the economy is now stronger.

“Millions more people are in work, wages are rising and we’re able to invest again in public services like the NHS, schools and the police. We can get on with our plans to make Britain the best place to raise a family and start a business. 

“I can give you this commitment, under the Conservatives and our fully costed plans, the national debt at the end of the Parliament will be lower. All of that would be put at risk by what we’ve heard of Labour’s absolutely reckless spending plans.”

“They would wreck the economy, the debt would be higher and unlike our plans to cut taxes for the lowest paid, we now know that Labour would raise taxes on millions of ordinary working families up and down this country.”

Debate host Nick Robinson pointed out that the Tories plan to spend £3 billion more while Labour plan to spend £83 billion more, which is double what they were promising at the last election.

Ms Long-Bailey responded: “Rishi talked about Labour crashing the economy. We suffered a world banking crisis.

“It’s important to note that your Chancellor was working at Deutsche Bank, selling the very derivatives that caused the banking crash in the first place.

“Secondly, when you talk about reckless spending plans, I think you were referred to recently in the media talking about the figure of £1.2 trillion spends, which is a fabricated lie that the Conservative Party have been perpetrating over the last few weeks.”

She continued: “We’re the only party with a credible and detailed costing plan to outline our plans.

“I haven’t seen any costings from your party whatsoever.”

Mr Sunak denied this, claiming the the Tory manifesto plans are “the most detailed and costed plans that have ever been there”.

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He added: “You look at people like the IFS, rspected think tanks, they’ve described the Labour plans as ‘simply not credible’.

“They’ve said that they’re wholly unprecedented in terms of the scale of spending.

“They’ve also clearly said it will be ordinary working families that pay the price in higher taxes.”

Following the release of the Labour Party’s election manifesto, the head of the Institute for Fiscal Studies, Paul Johnson, warned that their suggestions for how to fund spending were “simply not credible”.

He told ITV News: “It’s impossible to understate just how extraordinary this manifesto is in terms of the sheer scale of money being spent and raised through the tax system.”

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