George Osborne has dismissed as a “complete shambles” Labour’s plan to end the controversial non-dom tax status.
He said it was only mid-morning and the policy had already “unravelled”.
He also claimed the policy headline was “misleading” as the small print revealed the majority of non-doms would not be affected.
The Chancellor said: “We have Ed Balls himself saying it would cost the country money.
“It is a classic example of the economic chaos and confusion you get with Ed Miliband.
“It’s why they have no economic credibility.”
He said the Government’s policy of increasing the fees charged to non-doms, which he raised as recently as December, had brought in more than £1 billion.
Mr Osborne made the remarks on a campaign visit to Metro Bank in Kingston, south London.
The challenger bank has 34 branches but aims to be running 150 by 2020. Seven new ones will be open by the end of this year.
The bank has announced the creation of 3,300 new jobs between now and the end of the decade. It has already created 1,700 since 2010.
Treasury minister Andrea Leadsom and local Conservative candidate James Berry joined the Chancellor on the visit.
It is the seat being defended by Liberal Democrat Energy Secretary Ed Davey.
Mr Osborne was also asked about Ukip’s pledge to commit to the 2% defence spending target.
He said Ukip was a “back door” to Mr Miliband and insisted the Tories had an economic plan to fund national security.
He added: “We have got a clear approach to defence. We are meeting the 2% target today.
“You can only have strong defence if you have a strong economy.”