Election lesson

The great economic challenge

TODAY’S FULL resumption of electioneering follows the publication of GDP figures which saw economic growth fall to a lower-thanexpected 0.2 per cent in the first three months of the year. By way of comparison, the Eurozone outperformed Britain.

Further evidence of the pressure on the public finances before Brexit negotiations begin in earnest, the fact that exports went into reverse reiterates the importance of the forthcoming trade negotiations.

Though proponents of Brexit claim that Britain will be negotiating from a position of strength, this isn’t borne out by the latest data – indeed the country is beginning to pay the price for the prevailing uncertainty.

Yet, while New Labour’s decision 20 years ago to have a single Whitehall department responsible for education and employment has long been disbanded, the issue of skills is critical to the country’s future prospects and this is borne out by the expert analysis of the election manifestos by the respected Institute for Fiscal Studies think-tank.

Its extrapolation of the figures points to spending per pupil falling in real terms under the Tories, once factors like inflation and student growth are factored into the equation, while it would increase if Jeremy Corbyn became Prime Minister.

However, set against the backdrop of Brexit, voters need to be asking whether the Conservative Party’s proposed levels of investment in schools are sufficiently robust. Equally Labour needs to explain how its proposed spending is sustainable. As the latest growth figures reveal, the next Government will have very little room for manoeuvre – or error.