Two think tanks have offered opposing views of Labour's economic policies.

Labour's stewardship of the economy is "very satisfactory", according to the National Institute of Economic and Social Research.

The think tank said that stable growth and inflation was marred only by slow productivity growth and a low rate of savings.

Martin Weale, the think tank's director, who has often been critical of Gordon Brown, said: "Nothing has gone badly wrong; this is extremely commendable."

However, the Institute for Fiscal Studies said that the Conservatives are the only party whose tax and benefit plans would help every section of the population.

About 70 per cent of people would benefit under the Liberal Democrats, but only 30 per cent under Labour, according to the IFS.