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| Version 2 | Version 3 |
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| Ed Miliband and Ed Balls set out Labour Budget demands | Ed Miliband and Ed Balls set out Labour Budget demands |
| (about 1 hour later) | |
| Labour leader Ed Miliband has called for a fresh tax on bank bonuses and 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. |
| He and shadow chancellor Ed Balls outlined the measures they said would best grow the economy, ahead of the government's Budget next week. | 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 called 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 say 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, 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. | 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 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. | 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 said Labour's plans could create another 110,000 jobs. | |
| Mr Miliband said: "As a matter of simple fairness, at a time when everyone else is facing tax rises, it is completely wrong for this Tory-led government to choose to cut taxes for the banks. | |
| "The banks, who helped create the financial crisis, must now help return our economy to growth." | |
| 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 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." | |
| 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. | 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. |
| He added: "In past Budgets, when world oil prices were high, governments took the decision to cancel or postpone duty rises. | He added: "In past Budgets, when world oil prices were high, governments took the decision to cancel or postpone duty rises. |
| "That's a decision for George Osborne to take next week, but we are asking him to act now for hard-pressed motorists." | "That's a decision for George Osborne to take next week, but we are asking him to act now for hard-pressed motorists." |
| But Labour'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. | 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. | The Conservatives argue Labour has made £12bn of unfunded spending commitments in the last month - a charge shadow front benchers reject. |