By Daniel Hunter

Ed Miliband will today (Tuesday) pledge to reverse planned business rates for small businesses if Labour win the next election.

The move would benefit 1.5 million small businesses in England and would be paid for by reversing a planned UK-wide cut in corporation tax for 'big business' in 2015.

Miliband is due to make the policy pledge in his keynote speech to his party's annual conference in Brighton later.

The Institute of Directors said Mr Miliband was "tinkering at the edges".

The Conservatives said it was "yet more economic incompetence from the same Labour politicians who got us into a mess".

Building on his vision of a One Nation Labour Party, set out in his conference speech last year, Mr Miliband will push the case for an economy based on higher skills and wages - and the "dynamism" of small business.

He will tell Labour activists: "David Cameron talks about Britain being in a global race. But what he doesn't tell you is that he thinks the only way Britain can win is for you to lose.

He will say that means "the lowest wages, the worst terms and conditions, and the fewest rights at work - a race to the bottom", adding: "The only way we can win is in a race to the top.

"Too many of the jobs we're creating in this country are just too low paid, too many of the gains in our economy are just scooped up by the privileged few, including those big bonuses, and too often you are left being charged over the odds.

"They used to say 'a rising tide lifts all boats'. Now the rising tide just seems to lift yachts."

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