David Cameron has said Britain "would pay a heavy price" if Labour wins the General Election in May.
The Prime Minister told an audience in Bristol that the price would start "with your pay packet".
"The choice at the next election is clearer than ever ... tax cuts with us, tax rises with Ed Miliband and Labour."
The personal tax allowance would rise to £12,500 under the Lib Dems, funded by a crackdown on tax dodgers, leader Nick Clegg has revealed.
Millions of households would be better off under a Tory government, David Cameron will claim today as he hails "money-back Monday".
A Conservative government would aim to double the number of first-time buyers by 2020, the Chancellor has declared.