The Liberal Democrats would not join a government which would slash spending in the next year, according to Nick Clegg.

Speaking ahead of the party’s spring conference today their leader said making cuts so early in the UK’s recovery would be "economic masochism".

His comments appear to rule out a coalition with the Conservatives in the event of a hung parliament.

The Conservatives are proposing immediate cuts to tackle the government’s record deficit, while Labour are pledging to continue the fiscal stimulus they introduced to tackle the recession.

Clegg said his party but would wait until the economy had recovered until they started making cuts.

He said: “Because of the frailty and the fragility of the British economy we do not think that should start in this financial year.”

“Self evidently I think, we think, that merrily slashing now is an act of economic masochism.

“So if anyone had to rely on our support, we were involved in government, of course we would say, no, do it sensibly."

“Do what myself and Vince Cable have been arguing for some time now which is explain to the British people and the financial markets that we have a better plan than anybody else to fill the black hole that Gordon Brown has created in the finances, but do it at a time when it is economically sustainable.”

Clegg told BBC Radio 4’s Today show his party had identified £15bn worth of reductions in public spending to help reduce the deficit.

With the polls narrowing between the two largest parties there is mounting speculation that the Liberal Democrats may be asked to form a government with the Conservatives or Labour.

Clegg has not ruled out joining forces with either in the event of a hung parliament but said the election was still “wide open”.

He added that the party with the "stronger mandate" had a "moral right to seek to govern".

Later today the Liberal Democrats Treasury spokesman Vince Cable will address the party at the pre-election Spring Conference in Birmingham.

Mr Cable will tell delegates they were the only party to predict the recession and so the only party to lead the country out of it.

He will say: ““We, the Liberal Democrats, were right about the financial crisis.”

“We warned of the dangers and we led the debate when the crisis came. And now we have a clear vision for the future of the British economy.

“What the public wants to know is who can guide the country out of the present morass: the broken, discredited, banking system; the deepest and longest post war recession, whose effects are far from over; and levels of government borrowing which are not sustainable. We can.”

On Friday, the party announced their campaign slogan as: "Change that works for you. Building a fairer Britain", which combines the slogans of two major parties.

Labour's election slogan is "a future fair for all" while the Tories are campaigning with the message "year for change".