Today is a big day for hardworking taxpayers - because from today, you will keep more of your hard-earned money.
When we came to office, you could only earn £6,475 tax-free. But from today, you can now earn £10,600 before you pay any income tax.
That's a tax cut for over 26 million people - and it means we've taken over 3 million people out of income tax altogether.
Lower taxes are making our country a better and fairer place to live - where those who put in, get out; where hard work is rewarded; and where people are trusted with their own money.
And if we win the next election, we will raise the personal tax-free allowance to £12,500 - cutting tax for 30 million people and taking another million out of tax - and make sure no-one earning below £50,000 pays the 40p rate of tax.
The gulf between us and Labour on this couldn't be any wider. They opposed all our tax cuts in this Parliament - and will raise taxes by £3,028 for every working family if they win the next election.
The choice is clearer than ever. Tax cuts with the Conservatives; tax rises with Ed Miliband and Labour. Work rewarded with us; work punished with them.