Labour yesterday launched its election manifesto, a 10-point 'Contract with the British People'. Leader Tony Blair made it clear he would not expect to stand for office for a second term if he failed to deliver his pledges over the course of a five-year parliament. At the heart of the document - called 'New Labour Because Britain Deserves Better' - is a reaffirmation that education is Labour's priority, and a pledge to increase the share of national wealth to be spent on schooling. Mr Blair made clear he sees himself as the guarantor of his party's transformation. 'I do not promise you that I can wave a magic wand, create extra money overnight and the world's problems are put right,' he said. 'What I can promise is that there will be a fresh start with different priorities, and bit by bit we will rebuild the education system, the health service, the welfare state.' Hard on the heels of the Tory move to put tax at the heart of its manifesto, Mr Blair was making his own tax pledges. There would be no rise in the top and basic rates of income tax, while value-added tax on fuel would be cut from eight to five per cent. Mr Blair sketched what is being seen as very much his personal manifesto with a fountain pen in blue ink on the weekend John Major named the date of the election. Other key points in the manifesto are: To build stable economic growth with low inflation; To take 250,000 young people off unemployment benefit and into work; To safeguard the environment and develop an integrated transport system. Mr Blair said: 'We will be tough on crime and on the causes of crime. 'We will build strong families and strong communities and lay the foundation of a modern welfare state.' ButLabour insisted its manifesto had been costed and would not involve any extra public spending.