London, Nov 10 (IANS) A spending row has broken out after the UK’s ruling Conservative Party published what it claimed would be the cost of an opposition Labour government over five years, ahead of the December 12 general election, it was reported on Sunday.
The report, compiled by the party and not the Treasury, is based on a number of commitments from Labour’s annual party conference but not its manifesto, the BBC reported.
Chancellor Sajid Javid said Labour’s proposals would leave the UK “on the brink of bankruptcy”.
But shadow chancellor John McDonnell condemned the report as “fake news”.
The Conservatives have claimed that Labour’s policies would cost 1.2 trillion pounds over the course of the next five years, if the party wins next month’s general election.
The figure is based on costing Labour’s 2017 manifesto and other pledges it has made since then.
But the Labour Party has yet to publish its 2019 election manifesto, detailing its policies and spending proposals.
Senior Labour figures will meet next week to decide which policies passed by the party’s annual conference will become manifesto proposals for government, with some unlikely to make the cut.
Labour’s economic plan includes doubling “investment” spending, a 150 billion pounds “social transformation fund”, and a 250 billion pounds “green transformation fund”.
The Tories have also vowed to borrow to fund more spending, rewriting their current financial rules.