Leader Ed Miliband will say his party will not have a “shopping list of spending policies” and would cut the deficit every year, according to the BBC.
The Conservatives would go on a “reckless spending spree”, he will say.
Miliband will say the Labour manifesto, “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”.
He 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.”
Labour is aiming for a budget surplus “as soon as possible in the next parliament”.
Its manifesto – being unveiled in Manchester – commits a Labour government to what it calls a “budget responsibility lock”.
This would “guarantee” that every policy is paid for without additional borrowing and would, in future, require all the major parties to have their tax and spending plans audited by the independent Office for Budget Responsibility before a general election.
The manifesto sets out Labour’s pre-announced policy pledges, including:
A £2.5bn fund for the NHS paid for largely by a mansion tax on properties valued at over £2m
Twenty-five hours of childcare for working parents of three and four-year olds, paid for by increasing the banking levy by £800m
Freezing gas and electricity bills until 2017, so they can only fall not rise
Banning zero-hour contracts and raising the minimum wage to £8
Scrapping winter fuel payments for the richest pensioners, capping child benefit rises and cutting ministers’ pay by 5%
A 50p tax rate on incomes over £150,000 a year and abolishing non-dom status
