The conference has high levels of security in place
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Tony Blair is expected to tell the Welsh Labour conference that the general election fight will be more fundamental than Britain has realised.
On Thursday, Mr Blair and Chancellor Gordon Brown unveiled a poster stating the Tories would cut £35bn from public services.
Mr Blair later conceded that actually meant the Tories would spend £35bn less than Labour would in 2011-12.
The Conservatives said Labour's claims were "at best a misrepresentation".
With the likely election date only six weeks away, Mr Blair's speech on Friday will stress that opportunity, prosperity and public services are at the core of Labour's message to voters.
The prime minister will speak at the Brangwyn Hall in Swansea's civic centre amid what appears to be the tightest security a political party conference in Wales has known.
His speech will focus its fire mostly on the Conservatives, ahead of a general election widely expected to be on 5 May.
Mr Blair is likely to dwell on the economy in his speech
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The prime minister's assault on the Tories over public services is part of an election strategy to target voters on local issues. On Thursday night he met readers of the Swansea-based Evening Post to answer their questions.
Only days after his Chancellor Gordon Brown's budget, Mr Blair will also emphasise Labour's running of the economy as the key to the election.
He is likely to tell party activists that Britain has a choice of more investment in public services, or neglect under the Conservatives.
He is also likely to accuse the Tories of being the party of the privileged few.
Early finish
Some 800 people are due to attend the event, although any likely demonstrators are being kept well away by extensive security measures all around the building.
Labour officials say the conference will continue the process of drawing up the party manifesto for the next assembly election in 2007.
The conference will also hear on Friday from Welsh Secretary and leader of the Commons Peter Hain, the MP for nearby Neath, with assembly First Minister Rhodri Morgan speaking on Saturday.
The conference is due to finish by Saturday lunchtime - in good time for rugby supporters to make their way 40 miles along the M4 to Cardiff for the grand slam decider against Ireland.