Labour leader Ed Miliband
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Ed Miliband 'sheds light' on Labour's deficit plan

Ed Miliband has ruled out any un-costed spending commitments in Labour's election manifesto, as he set out his party's plans to reduce the deficit.

Dealing with the public finances will be an "essential test" of Labour's credibility, the party leader said.

He said boosting wages and increasing taxes for the better off, would be a "fairer" way of reducing the deficit and convincing voters the party could be trusted with the economy.

Robert Peston reports.

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