Bill English has denied National is scaremongering when it claims Labour will raise taxes if it wins the election.

Labour has said it won't make any tax changes in its first term, but it will repeal National's tax cuts which are due to come in on April 1 next year.

Mr English says that's the same thing.

"It's absolutely clear - under National people on the average wage will pay $1000 less income tax than they will under Labour, and Labour will have to change current law to achieve that," he told reporters.

"From April 1 next year Labour will be raising income tax - and for people paying it, that matters."

Finance spokesman Steven Joyce backed him up.

"In anyone's language, workers on the average wage would be paying more tax under Labour than under National," he said.

Mr Joyce has just released a new campaign video titled Labour's Tax Surprise.

"From April 1 you will pay $1060 more tax under Labour and seniors will miss out on $680 a year. Stop Labour's taxes, vote National."