Ed Miliband has said he will not borrow more than the Conservatives, rejecting analysis from the Independent Institute for Fiscal Studies (IFS). Miliband claims a government led by him would spend more than the Tories but wouldn't borrow more.
Speaking to the BBC's James Landale, the Labour leader said he didn't accept the IFS's verdict on Labour's fiscal plans that said his party could end up borrowing £90bn more than the Tories.
"I believe that we are not going to adopt the same kind of extreme spending cuts as them... so yes. They would cut spending more than us, of course they would," said Miliband.
Animation: How will a coalition be put together?
Miliband added that abolishing the non-domicile rule for millionaires would also be a red line in any Labour-led coalition. Since Labour have ruled out any sort of coalition with the SNP, the offer will be seen as a signal to the Lib Dem leadership about Labour's priorities.
It is the first time Miliband has conceded that he might not win an overall majority. Asked five times whether Labour would attempt to form a government even if they had fewer seats than the Tories Miliband refused to answer.
After Labour's campaign vice chairman, Lucy Powell appeared to suggest that just because the party's pledges were engraved in stone didn't mean they were "absolutely not going to break them," Ed Miliband said he "couldn't be clearer" about his promises and said Powell was wrong to suggest anything otherwise.