General Election 2015: The fundamental differences between the parties

The gap between Labour and the Conservatives is the biggest since at least 1992

The conventional argument that this election has busted is the claim that ‘they’re all the same’. The gap between the top two parties – Labour and the Conservatives – is the biggest since at least 1992, but there are also fundamental differences between other parties, which will make forming a coalition so difficult.

The Conservatives and Ukip are offering voters their first referendum on Europe since 1975 – before it was even called the European Union. Labour, the Liberal Democrats and the SNP are not.

Ed Miliband believes Britain’s economy needs a fundamental restructuring and proposes interventionist measures to rebalance redistribute wealth from the richest and most powerful to the poorest and most vulnerable – whereas David Cameron believes this can be achieved through continued economic growth and falling unemployment.

Policy checker: do you know what each party actually stands for?

The Labour leader would intervene in the energy market to freeze prices, break up the banks, crack-down on firms employing staff on zero-hours contracts, push for a higher minimum wage, introduce a 50p tax rate and scrap the non-dom tax status.

These are all policies fiercely opposed by the Conservatives, who would introduce tax breaks for low and middle-income earners, cut inheritance tax, create more apprenticeships and lower business tax rates – all in the belief that the increased spending power, generating economic activity that will keep the economy growing and increase tax revenues for the Government.

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The SNP, Plaid Cymru and the Greens want to scrap Britain’s nuclear deterrent; Labour wants to maintain it.

And the biggest difference between the SNP and Labour? One wants Scotland to separate and the other wants it to remain part of the United Kingdom.

The Tories and Lib Dems have pledged to eliminate the deficit by 2018; Labour says it will balance the books by 2020.. But even between the Conservative and Lib Dem plans there are massive differences in how they intend to reduce the deficit.

The Tories will cut it through spending cuts along – including £12 billion of welfare savings – whereas the Liberal Democrats want a mix of spending cuts and tax rises. Labour would find savings with a more equal reliance on tax rises and spending cuts.

Deficit reduction is important because until the government starts bringing in more than it spends each year, Britain’s £1.5 trillion debt, which accounts for 80 per cent of GDP, will continue to grow.