The Tories will set out their tax and spending plans “a good way ahead” of the general election and unveil individual tax pledges over the next 12 months, resisting the political temptation to make last-minute pledges, George Osborne has told the Financial Times.

The shadow chancellor is determined the party will learn from the 2005 campaign, when he admits the Conservatives made “a mistake, to be honest” by unveiling tax cuts just a fortnight before voters went to the poll.