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The most conspicuous characteristic of the election campaign thus far has been absence of frank debate about Britain’s economic predicament. The Labour and Conservative manifestoes say nothing meaningful about where they will cut. A critic told an old Tory grandee that he considers the party’s promises – especially ring-fencing the NHS budget and cutting Labour’s intended National Insurance rise – wet and irresponsible. The grandee replied: “We need to win an election, not preach sermons”.

The Tories must combat polls which suggest that voters still feel no warmth towards them. They have made no decisive breakthrough, of a kind that might be expected against a spent and unpopular Labour...