news

Labour is launching its election manifesto with a guarantee that each of its policies will be fully funded and require no additional borrowing. Leader Ed Miliband will rule out a "shopping list of spending policies" and promise a Labour government would cut the deficit every year. The Conservatives would go on a "reckless spending spree", he will say. Tory Treasury Minister David Gauke said Mr Miliband had "no plan to clear the deficit" and would have to borrow more. In other election news: The Liberal Democrats are launching a "five-point plan", aimed at consumers and commuters, with proposals such as to end above-inflation rail fare rises and force energy firms to allow customers to change supplier within 24 hours Labour says its spending cuts will apply to Scotland but may be offset by other measures to raise more money One hundred small business owners, some of which used to support Labour, have written a letter to the Sun saying they intend to vote Tory Labour has opened up a three-point lead over the Conservatives, according to the latest YouGov poll which puts Ed Miliband's party on 36% The first page of Labour's manifesto, Mr Miliband will say, "sets out a vow to protect our nation's finances; a clear commitment that every policy... is paid for without a single penny of extra borrowing". Ed Miliband is determined to convince voters he can control the public finances, as Iain Watson reports Mr Miliband will add: "In recent days you have seen the Conservatives throwing spending promises around with no idea of where the money is coming from, promises which are unfunded, unfair and unbelievable." With political parties under increasing pressure to explain how they will fund their pledges, the Institute for Fiscal Studies complained on Sunday that they were making "lots of promises" without producing much detail on how to deliver them. But Labour is hoping to position itself as "the party of responsibility" for the public finances. It is aiming for a budget surplus in current spending "as soon as possible in the next parliament"