Sign up for the View from Westminster email for expert analysis straight to your inboxGet our free View from Westminster emailAfter a day of fervent speculation, Rishi Sunak has finally called a snap general election on July 4.Mr Sunak confirmed the news in a speech outside No 10. Almost upstaged by the rain – and pranksters loudly playing D:Ream’s ‘Things Can Only Get Better’, closely associated with Tony Blair’s 1997 Labour victory – the prime minister reminisced on his time in office, before making the big announcement.Before now, the prime minister had resisted calls to go to the polls, despite constant pressure from the Labour Party to do so over the past year.Follow The Independent’s live coverage for the latest updatesHowever, it is speculated that Mr Sunak had been waiting for an opportune time to make his move. Bolstered by the positive downturn in inflation to 3.2 per cent, it appears his mark has been met.Taking a swipe at the Labour Party, the prime minister said: “I don’t know what they offer”, adding “they have no plan, there is no bold action, and as a result the future can only be uncertain”.Responding to the news, Labour leader Keir Starmer released a video saying “it’s time for change”.“They have failed. Give the Tories five more years, and things will only get worse,” he said.While neither party has released an official election manifesto yet, as they will only come after an election is officially called, both have dropped hints and promises over the course of the past few years, which offer a clue for their vision for the country.Here’s where the UK’s two largest parties stand on some of the key issues:Economic policies have been a focal point of Mr Sunak’s premiership, making up three of the Conservatives’ five key priorities. They are: reduce inflation, grow the economy, and reduce national debt.The first of these aims has largely been achieved, with inflation falling since the pledge was made, from 10.1 per cent to 2.3 per cent, although it is still above the Bank of England’s target of 2 per cent.However, the respected IFS economic think tank has questioned Mr Sunak’s taking credit for the economic good fortune, with director Paul Johnson arguing that it is the Bank of England’s job to cut inflation and that the prime minister’s pledge was always “inappropriate”.The economy has shown signs of growth since Mr Sunak’s pledges were made, with the economy forecast to have grown 0.5 per cent in 2023, and wages rising steadily. However, debt has risen to 89.9 per cent of GDP, up from 85.1 per cent in late 2023, when the prime minister promised to reduce it.Jeremy Hunt delivers a speech on May 17, 2024 More