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Miliband and Balls to set out Labour economic vision Miliband and Balls to set out Labour economic vision
(about 3 hours later)
The Labour leader and shadow chancellor are to call for a fresh tax on bank bonuses and for a cut in VAT on petrol.The Labour leader and shadow chancellor are to call for a fresh tax on bank bonuses and for a cut in VAT on petrol.
Ed Miliband and Ed Balls will outline the measures they say will best grow the economy, ahead of the government's Budget a week on Wednesday.Ed Miliband and Ed Balls will outline the measures they say will best grow the economy, ahead of the government's Budget a week on Wednesday.
They will also call for more private sector jobs and for help for the young unemployed and construction industry.They will also call for more private sector jobs and for help for the young unemployed and construction industry.
The Conservatives claim Labour has made £12bn of unfunded spending commitments in the last four weeks.The Conservatives claim Labour has made £12bn of unfunded spending commitments in the last four weeks.
At a press conference later on Monday, the Labour pair will say last year's windfall tax on bankers' bonuses raised £3.5bn, and a repeat would help promote growth.At a press conference later on Monday, the Labour pair will say last year's windfall tax on bankers' bonuses raised £3.5bn, and a repeat would help promote growth.
They will also call for the VAT rise - from 17.5% to 20% - to be reversed on petrol as prices top £1.30 a litre, a measure they say can be funded by extra income from the bank levy.They will also call for the VAT rise - from 17.5% to 20% - to be reversed on petrol as prices top £1.30 a litre, a measure they say can be funded by extra income from the bank levy.
'Faltering growth' For all the rival claims and counter claims over the deficit there is also a broad symmetry between the opposition and the government ahead of next week's Budget.
Labour want the Budget to be judged by how far it promotes growth and eases the pressure on the so called "squeezed middle".
The coalition too would probably accept those benchmarks.
Hence, the prime minister and the chancellor have repeatedly dubbed this as "a Budget for growth", and Nick Clegg has identified the need to help what he calls "alarm clock Britain".
While on cuts, David Cameron has himself acknowledged the difference between Labour and the coalition over the scale of cuts is only £2bn this year.
The difference between the two parties over the economy is real - but it is essentially one of degree.
Mr Miliband will say: "We are under no illusions that at this stage the government will abandon their deficit reduction plan - they are too dug in for that.Mr Miliband will say: "We are under no illusions that at this stage the government will abandon their deficit reduction plan - they are too dug in for that.
"But at least they should take some steps to deal with faltering growth in our economy - to start to establish a plan to create jobs in the private sector... to deal with the crisis of youth unemployment in our country and build the skills we need for the future."But at least they should take some steps to deal with faltering growth in our economy - to start to establish a plan to create jobs in the private sector... to deal with the crisis of youth unemployment in our country and build the skills we need for the future.
"The tests for next week's Budget are clear - growth and living standards. But the signs aren't good that they will be met. The government should think again.""The tests for next week's Budget are clear - growth and living standards. But the signs aren't good that they will be met. The government should think again."
Labour is also expected to call for help for the construction industry, which it says has lost 27,000 jobs in the past year.Labour is also expected to call for help for the construction industry, which it says has lost 27,000 jobs in the past year.
But the party's economic credibility will be questioned by the Conservatives.But the party's economic credibility will be questioned by the Conservatives.
BBC political correspondent Ross Hawkins says they will "pick apart" the opposition's policy announcements in an analysis endorsed by their coalition partners.BBC political correspondent Ross Hawkins says they will "pick apart" the opposition's policy announcements in an analysis endorsed by their coalition partners.
He says they will argue Labour has made £12bn of unfunded spending commitments in the last month - a charge shadow front benchers will reject.He says they will argue Labour has made £12bn of unfunded spending commitments in the last month - a charge shadow front benchers will reject.