Chris Leslie, Shadow Chief Secretary to the Treasury, said: “Three days after his speech David Cameron still isn’t able to tell us how he will pay for a penny of his £7 billion unfunded promises.

"He now claims he can do this before the deficit has been eliminated, but refuses to explain where the money is coming from. So do the Tories have a secret plan to raise VAT on families and pensioners again?

"The only concrete pledge from the Tories this week is to cut the tax credits of millions of working families by hundreds of pounds.

"Labour has a clear and costed plan to back hardworking people. We will cut taxes for 24 million people on middle and low incomes with a lower 10p starting rate of tax. We’ll do this at the start of the next Parliament and we’ve said how we will pay for it.”

Ends.