Ed Balls bids to show Labour is serious on the economy

When Ed Miliband announced his banking reforms a week ago, David Cameron gave them a cool reception, suggesting they weren't worth much without an "economic plan."

The shadow chancellor's speech today is an attempt to provide just that, showing Labour would be a serious alternative to the Conservatives after the next election.

Ed Balls says there's likely to be a deficit of £80 billion in 2015. He's now promising to balance the books in the next Parliament, saying:

But will there be tax rises as well as cuts to public spending? Ed Balls is likely to give a clue to his thinking on that in today's speech to the Fabian Society.

After a difficult few weeks since the Chancellor's Autumn Statement - this will also be his chance to show he's a one of the heavy-hitters on Ed Miliband's team.