Labour launches 'no extra borrowing' manifesto
The first page of the document will state that none of the policies in the manifesto requires additional borrowing, and that Labour would “cut the deficit every year”.
“We will get national debt falling and a surplus on the current budget as soon as possible in the next parliament,” the document says.
Extracts of Ed Miliband's speech launching Labour's manifesto
Ed Balls on GMB: We will not compromise on deficit target
Ed Balls: Labour pledge not to raise VAT
Ed Miliband: Labour would abolish non-dom rule
When he launches the manifesto, Ed Miliband will say it is not a “shopping list of spending policies” and will prove Labour is “not only the party of change but the party of responsibility too”.
The manifesto also says it will legislate to have the Office for Budget Responsibility audit every party’s manifesto.
Tory Minister David Gauke said Mr Miliband had “no plan to clear the deficit”, while Lib Dem leader Nick Clegg challenged Labour to “name the date” when it will have eliminated the deficit.
Speaking to ITV this morning, Shadow Chancellor Ed Balls pledged that Labour would not row back on its fiscal commitments in any post-election negotiations: “We will compromise that with no one.”