The proposal to raise the personal allowance to £12,500 will cost £7bn, the Institute for Fiscal Studies says. The think tank's director Paul Johnson tells the BBC it is a "big cost" - more than double the amount of welfare savings announced by George Osborne earlier this week.

Nick Robinson
Political editor

The speech was highly personal. The prime minister was almost saying: "You may not like me or my party but you have a simple choice between me and Ed Miliband." The Conservatives think this is a winning message.

Richard, Worksop: Well I'm nailing my vote to the Tory flag pole, well delivered helpful to me and my family - I live in a labour fortress though so won't make a difference.

Julie in Kent: Great speech but what about the people in their forties who lost their homes the last time Tories were in and negative equity was one of the most used phrases ever, and have never recovered. They don't qualify for all these first time buyer schemes and are looking only at becoming 'rest of life renters!' What are the Tories doing to help this group?

Conservative chief whip Michael Gove tells BBC Daily Politics that David Cameron's pledge to raise the 40p income rate tax threshold will cost "just under £2bn". He confirms that the announced tax cuts would not take place until the books are balanced. Andrew Neil raises Conservative MP defections to UKIP, and asks Mr Gove why he is "so useless" at his job. In an entertaining exchange, Mr Gove says he tries his best, to which Mr Neil suggests "Your best is not good enough". "Well that's what my mother's always told tell me," Mr Gove responds. He says once someone decides "in their heart" they are going to leave a political party or an organisation it is hard to stop them.

tweets:, external Cameron's speech = classic Tory Coke - sound money, tax cuts, a fight with Europe. The question - has Britain got the taste for it?

UKIP leader Nigel Farage says: "None of David Cameron's promises are achievable without fundamental treaty change. Is that what he is now suggesting?"

Just a recap of the main points from the PM's speech. He promised to raise the point at which people start paying income tax to earnings of £12,500 a year and to increase the threshold for higher-rate income tax to £50,000. He also pledged not to cut NHS funding in England between 2015 and 2020, and to abolish exclusive zero-hours contracts.

Chris, Notts: Cameron looks very strong today, he made Miliband look like a fool.

BBC News website reader: I like the idea of that tax cut, but how on earth is it going to be paid for?

Daily Politics
Live on BBC Two

Conservative Chief Whip Michael Gove tells Andrew Neil that he is not going to say "what is in each progressive Budget", but that the promises made by David Cameron in his speech will be fulfilled by 2020.

BBC News website reader: Liked Cameron's speech! Sounded good. Still need to know how it gets funded, economic growth?

Ben from Gloucestershire: How about some balance? I, like millions of others, see through Cameron's predictable party conference rhetoric. Not remarkable, predictable.

Daily Politics
Live on BBC Two

BBC political editor Nick Robinson says the speech was a "classic Tory" one, arguing for tax cuts and a fight with Europe. But he also notes that Labour will immediately ask: "Where is this cash coming from?"

Chris, in Lancashire: Whatever your political views, you have to say that speech was brilliant.

tweets:, external On style, Cam gave Mili a lecture on how a podium and autocue can trump walking and forgetting. On substance, however...

David Cameron leaves the stage to the sound of Don't Stop by Fleetwood Mac - a song much-heard at Bill Clinton campaign rallies in 1992.