'Back our economic record'
Updated on 11 April 2005
Chancellor Gordon Brown has urged voters to back Labour's "unprecedented" economic record rather than return to the "bad old days" of boom and bust under the Conservatives.
Gordon Brown says people should trust Labour's economic record.
Unveiling the party's manifesto on the economy, Brown pledged to maintain an inflation target of 2% and to stick to his "golden" fiscal rule of only borrowing to invest.
Net debt will be kept at "a stable and prudent level", while the party aims to raise the employment rate, already the highest in the G7 group of industrialised countries, to 80%.
"Labour's economic record is unprecedented - the highest employment ever, the longest period of uninterrupted growth in modern history, lowest sustained interest and inflation rates for a generation," the document states.
The economic record since 1997 had "finally laid to rest the view that Labour could not be trusted with the economy". In the last eight years the party had "pioneered a British way to economic stability".
Labour's economic policies
- Inflation target two per cent and mortgage rates as low as possible
- One million more homeowners
- One million more helped by the New Deal 300,000 apprenticeships
- Minimum wage rising to £5.35
- Education spending rising to £5,500 per pupil
The Conservatives were now "the party of high interest rates, high inflation, mass unemployment and house repossessions.
"Their tax and spend promises do not add up, and they would cut £35 billion from public investment."
The economic policy document promises a minimum wage rising to £5.35 an hour from October 2006, reform of incapacity benefit and rising public and private sector investment in research and development.
Labour Party Website of Tony Blair's party
It underlines the importance of manufacturing industry to the nation's prosperity and the role of trade unions in promoting fairness at work.
"We will take further action to narrow the pay and promotion gap between men and women."
The document adds: "The choice is to go forward to economic stability, rising prosperity and wider opportunities with new Labour - or go back to the bad old days of Tory cuts, insecurity and instability."
Brown confirmed that Labour will publish its tax pledges on Wednesday.
He refused to answer questions on the party's specific tax plans ahead of that date.
Journalists at the press conference pointed out that Labour had promised not to raise taxes at the previous General Election, yet had later increased National Insurance by 1% to fund the NHS.
Brown repeatedly pointed out that no party fighting the current campaign proposed to reverse the National Insurance increase.
Blair criticised the Conservatives' spending plans, suggesting they may be "fraudulent".
He said: "They have got uncosted spending commitments they can't possibly make add up.
"When they say 40,000 extra police officers, and I am sure they will do this this morning, where does it come from?
"It's an absolutely fraudulent prospectus unless they say this is where the money comes from.
