Gordon Brown: A vote for the Tories is a vote for new recession

As the Cabinet was mobilised for a weekend of electioneering, the Prime Minister used a speech in London to claim that voting Conservative would invite a second recession.

"I say to the British people this is not the time to put the recovery at risk, this is the time to make sure that growth and jobs are secured," said Mr Brown.

He said Conservative spending cuts could snuff out growth and "bring crisis anew upon ourselves", while plans to curb university places would mean "limited room at the top" for children from ordinary backgrounds and Tory European policies would lead to "isolation and irrelevance".

Mr Brown said: "This well financed Right wing are not only trying to blame governments for the crisis but trying to use legitimate concerns about deficits to scare people into accepting a bleak and austere picture of the future."

Tomorrow Mr Brown will expand on these themes — and unveil Labour's election slogan. On Sunday Cabinet ministers will fan out around the country to sell his message.

The Standard has learned that the Prime Minister has agreed to face the Chilcot inquiry early next month, which suggests that a snap election in April is unlikely.

Signs of volatility in the polls have encouraged Labour ministers. A rolling Sun/YouGov poll today had the Tory lead down from nine to seven points.

Mr Brown was helped this morning when 60 economists wrote to the Financial Times supporting his argument that immediate spending cuts would endanger economic recovery.

Labour has accused the Conservatives of trying to disrupt tomorrow's big speech in the West Midlands.

A leaked email from Conservative students revealed the party is paying travel expenses to those who gather "to form our own publicity stunt".