Blair's third term pledge

Tony Blair today made clear he intends to stay on for a full third term if he wins tomorrow.

The Prime Minister said there was nothing in the Labour Party rulebook to make him retire earlier - and he "passionately" wanted to remain in the job.

"I can serve a full term," he said on his last full day of campaigning during a BBC interview.

When interviewer John Humphrys scoffed that he must stand down at least six to nine months before the following election, expected in 2009 or 2010, Mr Blair sounded perplexed. He said: "No, the Labour Party rules do not require anything like that. You can leave the precise detail until later but people understand there's a finite time for any political career.

"The reason I want to carry on now is because I believe passionately that there are things to do."

Mr Blair said he was determined to push through public service reforms and projects from aid for Africa to help for families, repeatedly using the phrase: "I want to be part of that."

His answers will dismay supporters of Gordon Brown who are seeking an earlier handover of power to the Chancellor. With only a day to go, Mr Blair again refused to rule out a rise in National Insurance after the election.

He dismissed claims of an £11 billion black hole in the economy as "nonsense" but admitted: "I cannot sit here and guarantee every single set of circumstances that could arise."

He hinted more strongly than ever that the Government may do a U-turn on its relaxation of the law on cannabis. He implied that the downgrading of the drug was an experiment that had failed. "It was a classic example in politics where you have a very good intellectual case. It was worth seeing what happened.

"My basic hunch about this is I think this is an area where it's so important that the signals are strong, and that you do not take any risks."

Earl ier Mr Blair had appealed for another big majority for the sake of stability.

He said the "central question" for voters was who ran the economy, and claimed a change of government would put jobs, homes and living standards at risk.

"The strength of the economy now and in the future is the central issue of this election," he said. "We have a record of running the economy. Mr Howard's record was to ruin the economy."

The Prime Minister travelled to Margaret Thatcher's former seat of Finchley and Golders Green to press home Labour's warning that its majority could evaporate if supporters stay at home tomorrow. Despite polls claiming Labour will win a landslide, party insiders continued to insist there was a real prospect of its majority being cut to as low as 50 - seen as the lowest possible needed to carry out Mr Blair's policy agenda.