UK Conservatives should not throw away their trump card

The launch of the Conservative party manifesto marks a change in tempo from the lacklustre opening to the general election campaign. Following a series of leaden and personal attacks on Ed Miliband, Labour's leader, David Cameron has shifted to a more positive message, offering a vision of what the Tories would seek to achieve over the next five years.

After some rhetoric about Britain recovering its buccaneering spirit, the prime minister delivered a string of promises designed to reward voters across the generations. The pledges include the extension of the right to buy state-subsidised social housing, 30 hours a week of free childcare and a promise to take more of the lowest paid out of income tax altogether.

For the Tories the largesse serves a tactical purpose. The party suffers from a perception that it is on the side of the well-to-do, a vulnerability Labour has exploited with its promised crackdown on wealthy "non doms" - British residents who enjoy tax privileges. The Tory manifesto injects some sorely needed "one nation" rhetoric which draws on the blue collar Conservatism that powered Margaret Thatcher to three election victories.

This may be understandable in terms of electoral positioning and the pressing need for a breakthrough in the polls which have been stubbornly deadlocked. But Mr Cameron has chosen some questionable policies to make the point. The pledge to extend the right to buy to 800,000 social housing tenants will do nothing to address Britain's acute housing shortage. It may even choke off the supply of new social properties. There is nothing wrong with supporting home-ownership, but the Tory move risks simply showering unearned rewards on those who happen to be renting existing stock.

A broader concern is that most of these pre-electoral baubles are uncosted. In recent days the Tories have promised £8bn for the National Health Service, as well as billions more on personal tax changes and a five-year rail fare freeze. Mr Cameron may assume he is so far ahead of Labour on economic credibility that he need not spell out where the cash will come from. But the spree is large enough to raise concerns about the Tories' commitment to their economic plan.

The initiatives on social housing and rail fares also expose a worrying penchant for state intervention, one of the prime charges the Tories level against the Labour party. By proposing similar ideas, the Conservatives make Mr Miliband's meddling harder to attack. Mr Cameron's late shift in tone - he sounded almost Reaganesque at times when offering a good life for all - stands in jarring contrast to the relentless message of austerity. Still, after the wrenching financial crisis and the protracted squeeze on living standards, it is important for political leaders to offer hope rather than simple sacrifice. Voters also require specific policies as well as stirring words.

This week, Labour and Conservatives arrived at their "retail moment". Their wares will be examined ruthlessly in the final stages of the campaign. Voters remain cynical about politicians in Britain. Fringe parties stand ready to exploit the mood.

As the conflict intensifies, the Tories must not lose sight of their signal achievement of the past five years. In coalition with the Liberal Democrats they have restored some order to the public finances and reassured skittish markets about the financial health of the UK. In a closely fought election, this is a winning card. In his quest for electoral traction, the prime minister should beware of discarding what remains the Tories' strongest suit.

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