Ed Davey promises big cut to tax on pay

Ed Davey, leader of the Liberal Democrats, promised a £17bn cut to income tax in a Brighton conference speech. People would keep the first £15,000 of pay tax-free, like a bigger first slice. The 40p rate would start about £6,000 later. Full change comes only in the last year of a parliament, perhaps 2034; limits track rising prices until then.