Tony Blair is launching a new economic pledge card at this morning's Labour party press conference. It promises a 2% inflation target and low mortgages; 1m more home owners; 1m more people helped back into work by the New Deal; 300,000 more apprentice places; a minimum wage rising to £5.35 an hour; and a least £5,500 spent on each school pupil a year by 2008.
Turning to the Tories, the prime minister tells reporters that Labour is also releasing a breakdown of their spending plans, which shows that they will have to spend £15bn a year more than they're presently admitting three years into office. "You can not spend more, tax less, and borrow less all at the same time," he suggests, "it's economic nonsense." Mr Blair concludes by claiming that the Tories' manifesto is "based on faulty economics and therefore cannot be delivered".
7.50am: Mr Blair and Gordon Brown bat off repeated questions about their tax pledges. All will be revealed when we unveil our manifesto on Wednesday, they tell the inquisitive journalists.
Read Labour's economic pledges here
