From The Daily Mail:
David Cameron today announces a Tory promise not to increase VAT, income tax or national insurance over the next five years.
The Prime Minister says the tax-free personal allowance should rise to £12,500 by 2020 while the 40p tax threshold will increase to £50,000.
The Conservatives have repeatedly accused Labour of leaving the door open to freezing or lowering the 40p threshold, trapping millions more into paying the tax rate created to hit the rich.
Today Mr Balls insisted he would ensure the threshold rose at least in line with inflation every year and 'would like to go further'.