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Ed Balls has said a Labour government would increase tax credits "at least in line with inflation".

"Not only do I want to increase the 40p threshold in line with inflation - I would like to do more," he told the programme.

The Shadow Chancellor denounced the Conservative tax-lock pledge - prohibiting any increase in income tax, VAT or national insurance for five years - as a "last-minute gimmick" to woo voters.

Labour argues Tory plans to reduce the welfare budget would mean cuts to tax credits.