Guido has never seen a tax cut that he does not like so Cameron’s speech today was certainly lively. The hall loved it and Dave hit their sweet spots in a way he has not since before the last election. Personal allowance up, the threshold for 40% rate up from £41,000 to £50,000. More money kept in the pockets of millions of voters, but… 

Having said that, whatever happened to that last tax rabbit that the Tories plucked from a hat when in a tight spot? Inheritance tax threshold up to a million? 2007? Ring any bells? Guido will believe it when he sees it… 

It may unravel and billions in cuts will have to be found to pay for it all, but in terms of strategy it’s exactly what the Tories needed to do. After last week’s eighty minute snoozefest from Ed Miliband, it’s tough to see how Labour can avoid responding to these pledges directly. UKIP and the LibDems will moan that their ideas have been lifted, which will further please the blues. Over to you Ed…