The Conservative Party is not yet in a position to reveal specific plans to lower taxes after the next general election, Michael Howard has said.

Speaking on Sunday the shadow chancellor indicated he aimed to offer tax cuts in the party's next manifesto, but said it would depend on economic circumstances over the coming years.

"We are a low tax party. We will always be a low tax party. We wouldn't waste the money that the present government is wasting," he told Sky's Sunday with Adam Boulton programme.

"But I can't tell you exactly what I would do in my first Budget or my second Budget which alas is not going to happen for at least another two or three years."

Howard rejected suggestions that party leader Iain Duncan Smith was keener to offer tax cuts to the electorate than he was.

Earlier this month Duncan Smith said Conservatives were a "party of lower tax" and warned that "taxation policies are beginning to undermine the very fabric of our enterprise economy".

The shadow chancellor said he "hoped" to be able to offer tax cuts.

"I would love to be able to do so, but I don't know what the economic circumstances are going to be at the next election, and I can't make any specific promises now.

"We are a lower tax party than the Labour Party, we will be a lower tax government than the Labour government, that's true.

"But that's very different from telling you today that in the first Budget we will be able to offer tax cuts.

"I hope we will be able to put it in our manifesto, but I can't tell you now."

Howard said the party's position on tax would be clearer by the time of the next election.