Cameron: Conservatives would ban tax rises until 2020

David Cameron put the economy centre stage today, with an eye-catching election promise to create a new law to freeze income tax, VAT and National Insurance to five years.

Both Labour and the Liberal Democrats have dismissed the pledge as a "gimmick".

ITV News Conservative campaign correspondent James Mates reports:

David Cameron has not challenged Labour's claim that the Tories would cut tax credits in a speech in Birmingham this morning.

The Prime Minister said his party "should go on reforming welfare, to make sure that work always pays."

Asked about tax credits, Mr Cameron said that he wants to get people "off welfare and into work."

ITV News Europe Editor James Mates asked Mr Cameron: "Five years ago you promised not to raise VAT, is this promise designed now to convince a skeptical public that you won't break that promise again?"

Mr Cameron responded: "Unlike in 2009, 2010, I've seen the books, I've been doing this job for five years, I know what remains to be done."

Watch his response in full:

William Hague has voiced his support for David Cameron's proposed tax lock if the Conservatives win the general election, saying such legislation would only be possible because of the now resilient economy.

"The difference now of course is that five years ago we were dealing with a huge deficit of excessive, almost Greek levels," the former foreign secretary told BBC Radio 4's Today programme.

Asked why there were no similar guarantees on other pledges, such as to preserve child benefit, Mr Hague said that the Tories had been clear about their plans

"The fairest way to reduce welfare bills is to make sure benefits are not rising faster than the wages that are paying for them.

"...We have said a great deal about what we will do on benefits."

The Conservatives pledge to introduce a law guaranteeing no rise in income tax rates, VAT or National Insurance before 2020 is a "gimmick", Labour and the Lib Dems have said.

Labour Treasury spokesman Chris Leslie said: "This is a desperate last-minute gimmick from the Tories which nobody will believe a word of. David Cameron broke his promise not to raise VAT last time and if he gets the chance he'll do the same again."

A Liberal Democrat spokesman said: "This is yet another gimmick from David Cameron to deflect attention from the fact that the Tories have abandoned the plan followed by the coalition and instead want to slash and burn support for millions of families.

"The only reason David Cameron would need to pass a law like this is if he can't trust his own Chancellor to make their plans add up.

"The Conservatives have consistently refuse to come clean about their plans, it's time for them to be honest about what they intend to do."