Labour leader Ed Miliband pledges that university tuition fees will be reduced to £6,000 a year from the current £9,000 if his government will come to power.

Speaking on the eve of the Labour's annual conference in Liverpool, Miliband said, "Parents are incredibly worried about their sons and daughters. We want to take an action to make it easier for people to attend university and not feel burdened by debt. If we were in the government now, we would cut the maximum tuition fees from £9,000 to £6,000 a year," reported Mirror.

On questioning the new £1 billion plan, which would be partially paid for scrapping an anticipated cut in corporation tax for banks, Miliband responded: "That's fair because we shouldn't be cutting taxes for the banks at the moment. We should be helping our young people to get them skills to help economy."

The new policy is framed to damage the Liberal Democrats, who received a severe criticism when their leaders backed Coalition plan after taking pledges before the general election to vote against any policy which will raise the tuition fee.