The BBC's business editor Robert Peston says he has learned some of the likely elements of

a joint Con-Lib economic and business policy. The ?6bn of spending cuts promised this year by the Tories would go ahead, unless the economy were to dramatically weaken. The Tories would also adopt the Lib Dem plan to increase the tax-free allowance on income tax to ?10,000. A meaningful initial rise in the allowance would come quickly, with a clear timetable announced to get to the full ?10,000.

Posted By: Ralf Scrampton, May 11, 17:16:00