Cameron and Balls go head to head on economy

Two leading figures in the Labour and Conservative parties will make major speeches on the economy later today.

David Cameron will unveil a £100 million boost to the Coalition's flagship Start Up Loan policy, after it awarded its 20000th loan to a buddy entrepreneur.

Meanwhile, Labour's Ed Balls will hit out at the real-terms drop in wages, which the shadow chancellor says have seen the biggest drop of any parliament since 1874-1880.

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Cameron and Balls set out visions on economy

David Cameron and Ed Balls will both set out what they want to see from the economy in separate speeches later today.

The IMF has raised its forecast for the economy twice in 2014. Credit: PA

The Prime Minister will announce a £100 million cash injection into the "Business Bank", where the Government provides loans to entrepreneurs looking to start their own business.

The Conservative party leader will also claim the Government has reached a significant milestone by awarding the 20,000th loan to an entrepreneur.

However, Labour's Ed Balls will hit out at the drop in real-terms wages and criticise the Government for failing to act.

The Shadow Chancellor is expected to say average earnings having fallen by £1,600 in real terms since 2010, the current parliament will be the first since the 1920s when real earnings will be lower at the end than they were at the beginning.

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