Silly Season Starts - it's the Lib Dem Conference!

The Lib Dems are frustrating. They're obviously nice intelligent people, and their hearts are in the right place. But I don't know if I can vote for them.

My question is whether they believe in a larger or a smaller state. I guess I'm beginning to become conservative, but the LibDems have some interesting ideas.

1. Scrap the £250 child trust fund. This is a good idea. We don't need it, and the money can be used to improve primary education. If everyone is given £250, then everyone starts from the same position, so there is no advantage for the less well-off.

2. Income tax to start at £10k. Another good idea, as those on lower incomes pay proportionately more tax. The trouble here is that this would be funded by a tax on houses worth more than £1m. But the LibDems don't know how they will value the houses (from here). Will they use Rightmove? Maybe I should buy some shares... My deeper concern is that these £1M+ houses are assets, and just because you have an expensive asset doesn't mean you have corresponding cash flow. I've got an iPhone, but I also have an overdraft and other monthly debts. If I had a house worth £1M I would have to sell it. So this measure would discourage people from buying expensive houses.

I guess we'll have to read more to find out exactly what their plans are... But it's a good start to the conference season.