Sign up for the View from Westminster email for expert analysis straight to your inboxGet our free View from Westminster emailLabour and the Conservatives have been accused of misleading voters over their tax and spending plans and ignoring a £20bn hole in the public finances after the election.Amid a war of words over whether Sir Keir Starmer or Rishi Sunak would rule out a VAT hike, a top economist told The Independent both parties are being dishonest with voters about the country’s finances.Carl Emmerson, deputy director of the Institute for Fiscal Studies (IFS), said both parties have committed to reducing Britain’s debt in the next five years. “For better or worse, that is going to require some combination of tax rises or spending cuts,” he told The Independent.Mr Emmerson also hit out at the row over which taxes each party has committed to freezing, saying noting that both Sir Keir and Mr Sunak have committed to frozen tax thresholds, which will mean higher taxes for millions of workers.After Labour and the Conservatives vowed not to raise the headline rates of national insurance, income tax, VAT, Mr Emmerson said they had chosen “an easier sell”.But he said frozen income tax and national insurance thresholds would cost taxpayers an additional £11bn a year by the end of the next parliament. By contrast a 1p income tax hike would cost taxpayers just £9bn.Tax thresholds were linked to inflation until then chancellor Mr Sunak froze them in 2022. The effect is that, as inflation rises, millions are dragged into paying tax for the first time, while others are dragged into higher tax bands. Others, who would have seen their taxable income decrease thanks to higher thresholds, now longer feel the benefits.Rachel Reeves and Jeremy Hunt have ruled out raising income tax, national insurance and VAT More