David Cameron pledges to make tax hikes illegal in the UK

Why the U.K. elections really matter
Why the U.K. elections really matter

British Prime Minister David Cameron pledged Wednesday to introduce a new law that would make it illegal to raise income taxes and sales taxes for five years.

The promise comes as Cameron seeks to rally his Conservative Party for the the upcoming U.K. election on May 7.

Cameron promised in a speech Wednesday to introduce a "five year tax lock" law within the first 100 days of his next term in office, making it illegal to raise income tax rates, VAT and national insurance until May 2020.

The move aims to give Cameron's party an upper hand over the Labour Party, which is currently leading in the polls by a hair, based on the latest data from YouGov.

The Labour Party was quick to attack the tax plan.

"This is a desperate last minute gimmick ... which nobody will believe a word of," said Labour's Chris Leslie, a member of parliament.

Leslie noted that his party has made a similar tax pledge, though it didn't outright propose a "tax lock" law.

Related: See how your income taxes stack up

Britain has one of the fastest growing economies in the world, and is creating jobs at a record pace.

Official figures released Tuesday showed the U.K. economy grew by by 2.4% in the first three months of 2015 compared to the same period in 2014. However, this GDP data came in slightly below expectations.

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