Bagehot on why Tory fiscal policy may not be safe

There has been much said and written about the so called divisons which have appeared in Tory Fiscal policy over the last few days satrting with David Cameron's pledge to honour Labour's 2011 top rate of tax increase.

The Economist's Bagehot takes a look at the dilema that the party has over whether to

cultivate a strategic ambiguity, saying they will only be able to reveal detailed policies on taxing and spending after a victorious election, when they see the books.

and thinks this is not sensible for two reasons.

1.Labour will portray such an opaque stance as an omen of brutal Tory cuts and

2.that they have already offered some specifics. These make it very difficult to stick to the ambiguity formula without looking shifty and imbalanced. adding that

The options therefore may be to scrap the existing pledges, or provide some more clarity on medium-term policy.