Election 2015: taxpayers worse off under every party, experts say

Institute for Fiscal Studies issues scathing analysis of tax and spending policies, including Labour's 10p tax rate and Tories' personal allowance rise

British taxpayers should expect to feel worse off under whichever party wins the general election next week, according to the Institute for Fiscal Studies.

In a scathing analysis of tax and benefits policies in the runup to the poll, the IFS issued a series of tough criticisms of the parties' manifestos, with Paul Johnson, its director, saying, "There's nothing in any of the parties' proposals that we think will help the good functioning of the economy".

Related: Do the parties' sums add up? How the IFS became the ultimate arbiter