I expect Labour's spending plans to completely collapse. My first point is on their expected tax receipts. The IFS estimate that they won't get anywhere near raising what they want. Thats the first point, the second problem I have is that the IFS are assuming advanced growth under Labour due to their infrastructure spending, but I don't think this will materialise, simply because if you take Crossrail as an example, this was a project that was given the OK in 2007, began construction 2 years later in 2009 and is expected to be completed in December 2018. So that is a total of 10 years from start to completion. The Labour manifesto is full of Crossrail like projects. (Cross rail 2, new Brighton mainline, HS2 extended to Scotland etc) It takes decades for these projects to bear fruits. Thats not to say I don't want to see these projects not undertake. To the contrary, I absolutely do 100%. I just think that the evidence is overwhelming that by the end of Labours first term the public finances wont be in a great shape and taxes will go up (OK, thats fine) or the infrastructure projects get cancelled.