The switch at the stroke of a pen almost halves the fiscal headroom.

He said that is not Labour's intention, as there is not enough fiscal headroom.

Both candidates argue there is " fiscal headroom" to fund their spending plans in the public finances.

The OBR also expects the government to gain some fiscal headroom thanks to lower interest payments on its debts.

The higher tax supported the construction industry and, perhaps most important, created the fiscal headroom to boost defense spending.

It is unlikely that Robertson has enough fiscal headroom to pull something like interest free student loans out of the bag.

The higher tax, in turn, is seen as necessary to create the fiscal headroom for higher military spending in the years ahead.

Chancellor Philip Hammond has said the spending promises set out by Jeremy Hunt and Boris Johnson "exceed" the " fiscal headroom" available to the government.