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Tories and Labour focus on economy as campaigning heats up

The key players in the General Election battle are focusing on business today with David Cameron pledging to create two million new jobs over the next five years if the Conservatives win power on May 7.

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Labour manifesto pledges 'fully costed and funded'

Ed Balls has insisted all of Labour's manifesto pledges would be fully costed and funded as he accused the Conservatives of planning "even deeper cuts in the next three years than we have had in the last five".

The shadow chancellor visited Swindon to set out Labour's plan to cut and then freeze business rates, which he said would save 1.5 million small businesses an average £400.

Shadow chancellor Ed Balls speaks in Swindon today. Credit: ITV News

This would be funded by reversing a coalition cut in the main rate of corporation tax from 21p to 20p, due to come into effect on April 1.

"It's not right to go ahead with the further cut for larger companies when we can use the money in a better way to help us create more good jobs by backing small companies," Balls said.

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