Labour and the Conservatives have clashed over the future of economic policy.

Following a heated debate in the Commons earlier on Wednesday, the first major press conference of Labour's campaign focused on spending plans and economic stability.

Speaking at Labour's London campaign headquarters, Tony Blair maintained that Conservative economic plan poses a risk to economic stability.

"If they are returned to government, everything we have worked so hard for is put at risk," the prime minister said.

And he accused the Tories of trying to keep the economy off the election agenda.

"It was extraordinary that yesterday the Conservatives made barely a mention of the economy," he said.

"Their strategy is to avoid debate and discussion on it and avoid the difficult questions that expose the incoherence of their policy."

Blair went on to compare the current Tory campaign tactics with those run by the party in previous years,

He said: "The first challenge of any government is economic strength.

"The Tories used to run on the economy in any election but now they are running from it."

Continuing to trumpet the economic success of the Labour government and the current chancellor, the prime minister confirmed the economy would be central to the Labour campaign.

"So we will be reminding people not just of the days they used to know, of 15 per cent interest rates, three million unemployed or boom and bust, but also how the current Conservative plans would put the hard-won economic stability of the past few years at risk," he said.

Responding to Blair's attacks on Tory economic competency, shadow chancellor Oliver Letwin said: "If Mr Blair wants stability for hard-working families, why doesn't he come clean about which taxes he intends to raise to pay for his excessive borrowing?"

And he maintained: "We will keep repeating this question until it is answered: Mr Blair, which taxes are you going to raise?"

"His failure to give a straight answer highlights the choice at the next election: more waste and higher taxes under Mr Blair, or value for money and lower taxes with Conservatives," Letwin added.