IT’S a funny old election campaign when we have the Conservatives making fantasy spending pledges… while Labour hints at fantasy cuts.

Yes, the political battle has been turned on its head as the big two parties desperately grab each other’s clothes in a bid to woo the waverers and end the deadlock.

But I suspect the tactic will backfire on Ed Miliband if he takes it into tonight’s election debate with the Scottish Nationalists, when the Tories will be absent.

The Conservative cross-dressing has attracted most attention, after David Cameron suddenly eased back on austerity to promise a splurge on the NHS, rail fares, housing and childcare, as well as tax cuts.

The wallet-opening was widely viewed as a panicky response to criticism of a narrow, negative campaign which was failing to offer positive reasons to vote Tory.

The danger is that the Conservatives will lose their hard-earned spurs as the party that can be trusted on the economy…but No.10 had clearly decided that was a gamble worth taking.

However, the Tories barely bothered trying to explain where the many billions would come from – while they also plan bigger-than-ever cuts – which is why it’s fair to call it fantasy spending.

But, just as striking, was Ed Miliband’s determination to pitch Labour as the party of spending discipline – just months after notoriously failing to mention the deficit in his conference speech.

The first page of his manifesto vowed to cut the deficit year on year, promising to re-write any Budget that failed an independent test that the books are being balanced.

Remarkably, Labour is even willing to be isolated as the only party not pledging the extra £8bn the NHS is calling for, rather than make an “unfunded” commitment.

According to the Institute of Fiscal Studies, Labour may need to make no further cuts after next year to meet its rules, to wipe out the deficit on day-to-day spending by 2020.

Asked about this, Mr Miliband said he would still make cuts year-on-year – but is that really likely when local councils, social care and other public services are bleeding and crying out for rescue?

Of course, it is vital for Labour to convince voters that it can be trusted on the economy, but it also badly needs to win back those switching to anti-austerity parties.

And that’s where tonight’s vote comes in, because those parties – the Greens, Plaid and, most importantly, the rising-high SNP – will be lined up against Mr Miliband.

By far the biggest difference at this election is that between the Conservative and Labour spending plans – a staggering £37bn, by 2020, on one estimate.

Yet I regularly meet people who refuse to believe that, because they are convinced both parties are signed up to endless cuts.

He’s walking a tightrope, but, tonight, Mr Miliband must find a way to make clear where he really stands on austerity.

….but cross-dressing has its limits, judging from the single mention of bus services in the Conservative manifesto. And that is a pledge to keep free passes for old folk!

Two-thirds of journeys on public transport are made on buses. How can something so important, especially to the poorest, be so ignored?