The Scottish National Party (SNP) has launched its manifesto pledging a deal with Labour that would see £140bn of extra public spending. The party promised to hike taxes, cut the nuclear deterrent and increase welfare payments.

Nicola Sturgeon launched the plan saying that wanted to make Labour “bolder and better”. She pledged to do this with increased taxes on property, banks and the restoration of the 50p tax rate.

Sturgeon said: “A slightly slower path to eliminating the deficit completely will allow at least £140 billion extra to be invested in infrastructure and support for business, in protecting our public services, and in policies that will help to lift people out of poverty.

“We will also back fair proposals to raise extra revenue. It’s right that those with the broadest shoulders pay a little bit more. That’s why we will back the restoration of the 50p tax rate for the highest earners, a mansion tax and a bankers’ bonus tax.

“And when money is so tight, we believe it to be all the more important that we use our voice and our votes to make sure that we don’t squander scarce resources on new nuclear weapons.”

Central to the SNP plan is to put up public spending by 0.5 percent above inflation for every year of the next parliament. Sturgeon claimed this would deliver an extra £24 billion for the National Health Service. She also pledged to end any private sector involvement in the English NHS.

They also plan to cut tuition fees, using money brought in from the Mansion Tax, a levy on high value homes mostly located in the South East of England. Despite the unpopularity of many of the SNP’s policies in England, Ed Miliband has already hinted he may be willing to cave in as long as he gets the keys to Number 10.

David Cameron said: “Every single decision taking the form of a ransom note – written by the SNP. Make no mistake, if Labour and the SNP get into power, you are going to see an alliance between a party that wants to spend, borrow and tax more…with a party that wants to spend, borrow and tax even more.

“It might be a match made in heaven for them but it is a match made in hell for the British economy.”