Javid and McDonnell both betting the dog of inflation won't bark | Larry Elliott

As the rival chancellors square up for the general election, each is promising a version of 'cakeism'

The Conservatives say Labour's 1.2tn spending plans would bankrupt the economy. Labour says all its commitments will be fully costed and that the Tories are running scared. Predictably, it hasn't taken long for the election to descend into slanging matches, dodgy dossiers and a battle for economic credibility.

In truth, both parties want to have their cake and eat it. John McDonnell, the shadow chancellor, says ordinary voters need not fear his spending proposals because investment in infrastructure will be covered by borrowing, and increases in the day-to-day costs of government - such as pay - will be paid for by higher corporation tax and an increase in income tax for the better off.