Commenting on Ed Miliband's speech on the economy, Liberal Democrat Chief Secretary to the Treasury, Danny Alexander said:

"The two Eds are rather late to the party, wanting to cut taxes for those on low and middle incomes.

"After 13 years in Government, the only action Ed Balls took was to raise the amount of tax those on low incomes paid by abolishing the 10p rate. It was the biggest tax mistake they ever made and it has taken them until now to realise their error.

"The best way to cut taxes for those on low incomes is take them out of tax altogether. That is why Liberal Democrats in Government are raising the Personal Allowance. From April, nearly 25m people will get a further Income Tax cut so they will be £600 a year better off than under Labour.

"Labour had 13 years in Government to make property taxes fairer by introducing the Liberal Democrat policy of a Mansion Tax. With the Liberal Democrats in Government the wealthy are paying more in each year of this Parliament compared to any under Labour."

The Facts:

1. Thanks to the Liberal Democrats in the Coalition Government, the Personal Allowance (the point at which you start to pay Income Tax) will be raised to £9,440.

In 2011, we increased it from £6,475 to £7,475, then to £8,105 in April 2012.

3. This means someone on the National Minimum Wage will see their Income Tax bill halved this April, compared to under Labour thanks to a total Income Tax cut of £600 a year.

4. We will have taken more than 2m low-income workers out of paying tax altogether, including all those people who paid just the 10p tax rate under Labour and were worst hit by this change.