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Miliband and Balls to set out Labour economic vision Ed Miliband and Ed Balls set out Labour Budget demands
(about 2 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. Labour leader Ed Miliband has called for a fresh tax on bank bonuses and 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. He and shadow chancellor Ed Balls outlined the measures they said would best grow the economy, ahead of the government's Budget next week.
They will also call for more private sector jobs and for help for the young unemployed and construction industry. They called 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 say 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, Mr Miliband and Mr Balls said last year's windfall tax on bankers' bonuses had 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 called 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.
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.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".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.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".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.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.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 Balls urged Chancellor George Osborne to "err on the side of caution" with spending cuts, so that the government is better placed to deal with economic emergencies.
"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. He added: "In past Budgets, when world oil prices were high, governments took the decision to cancel or postpone duty rises.
"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." "That's a decision for George Osborne to take next week, but we are asking him to act now for hard-pressed motorists."
Labour is also expected to call for help for the construction industry, which it says has lost 27,000 jobs in the past year. Mr Miliband said: "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 the party's economic credibility will be questioned by the Conservatives. "But at least they should take some steps to deal with faltering growth in our economy - 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."
BBC political correspondent Ross Hawkins says they will "pick apart" the opposition's policy announcements in an analysis endorsed by their coalition partners. He added that Labour's plans could create another 110,000 jobs.
He says they will argue Labour has made £12bn of unfunded spending commitments in the last month - a charge shadow front benchers will reject. But the party's economic credibility is being questioned by the Conservatives.
BBC political correspondent Ross Hawkins says David Cameron's party wants to "pick apart" the opposition's policy announcements in an analysis endorsed by their coalition partners.
The Conservatives argue Labour has made £12bn of unfunded spending commitments in the last month - a charge shadow front benchers reject.