Ed Davey promises £17bn income tax cut if Lib Dems are elected

Growth created by rejoining EU single market and customs union would fund change, Davey tells the party's conference

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Ed Davey has unveiled a plan for a 17bn income tax cut in a speech aimed at shoring up the party's support among former Conservative voters, but which risked disappointing some Liberal Democrat MPs who want a bolder vision for the party.

Addressing the party's annual conference in Brighton, the Lib Dem leader said the proposal, which would eventually increase the threshold for paying income tax to 15,000 and raise the level at which people pay the 40p higher rate by about 6,000, would be paid for entirely by increased growth.