Well done to Nick Clegg for announcing a very clear income tax cut of £700 for lower and middle earners. It will be a refreshing relief to go into the next general election promising a tax cut rather than having to defend tax increases. And I am delighted that finally we are expressing these things in pounds rather than pence. If you to say to someone they will receive a 4p tax cut, they really think "so what?" even if they realise somewhere in their brain that it is "in the pound". It requires too much calculation for someone to work out what it means to them. So this change to expressing it in pounds per year terms is excellent.
I would also point out that the party's estimate of funds freed up by closing loop holes etc is at the conservative, lower end of estimates.