Miliband claims Tories not costing tax cuts

Labour use ‘credibility’ attack against Cameron

Labour use ‘credibility’ attack against Cameron

Labour last night accused the Conservatives of failing to prove the credibility of their economic promises to cut taxes and deliver new policies.

Ed Miliband, minister for the Cabinet Office, attacked the shadow Cabinet’s un-costed spending promises, arguing Tory policies would leave a “gaping black hole” in government finances and risk economic stability.

Under pressure to deliver the speech of his lifetime, David Cameron yesterday presented a summation of Tory policy, setting out his personal beliefs and arguing Gordon Brown’s old politics are not suitable for a new world.

Delivered with four pages of notes and without an autocue, Mr Cameron’s speech has been well received by political commentators.

More crucially for the prime minister, three opinion polls before the weekend will gauge the reaction among voters, who have so far backed Mr Brown.

Mr Miliband argued the Tory leader had tried to give the impression of changing his party, but the conference had witnessed the “same old Tory party making billions of pounds of tax and spending commitments they cannot pay for.”

He continued: “The challenge for David Cameron today was to provide a credible explanation as to how all these tax and spending promises are to be paid for.

“But David Cameron has failed to meet that challenge. His sums simply do not add up.”

Nevertheless, the Tories promise to lift all but millionaires out of the inheritance tax threshold is expected to be popular with voters.

Even if Mr Brown retains a strong poll lead overall, the Independent claims Labour’s private polling in regional seats suggests their lead is “patchy and extremely tight.”

Expectation has been mounting throughout the conference season of an imminent election and Mr Cameron yesterday challenged him to call a poll.

The practical groundwork is now in place for an election on November 1 or 8, with the NHS review brought forward to today and the Comprehensive Spending Review ready for publication.

However, the prospect of being the second shortest serving prime minister could force Mr Brown to duck an election and suffer a short-term lose of face.