Labour will promise to cut deficit every year in Manchester manifesto launch

Ed Miliband will speak in Manchester tomorrow as Labour launches it's election manifesto Credit: PA

Labour will launch it's manifesto in Manchester on Monday with a promise to introduce a 'Budget Responsibility lock' so that every Labour budget put before Parliament will ensure the deficit falls.

In a move designed to neutralise Conservative claims of Labour economic incompetence, Ed Miliband will focus heavily on fiscal responsibility and pledge to secure a surplus on the current budget "as soon as possible in the next Parliament."

The Labour leader will tell the North West audience that the Tories are "throwing spending promises around with no idea of where the money is coming from, promises which are unfunded, unfair and unbelievable."

“The very start of our manifesto is different to previous elections", he'll say.

"It does not do what most manifestos do. It isn’t a shopping list of spending policies. It does something different: its very first page sets out a vow to protect our nation’s finances; a clear commitment that every policy in this Manifesto is paid for without a single penny of extra borrowing.”

Labour's manifesto will also outline previously announced measures including:

  • A £2.5bn NHS Time to Care fund in the early years of the next parliament paid for from a mansion tax on properties over £2m, a levy on tobacco firms and closing a hedge fund tax avoidance loophole.

  • 25 hours of childcare for working parents of 3 & 4 year olds, paid for by increasing the banking levy by £800m.

  • Smaller class sizes for 5, 6, & 7 year olds paid for by ending the Free Schools programme.

  • Ensuring hard work pays by banning exploitative zero hour contracts and raising the minimum wage to £8.