Ah but they have put up tax in a very cunning way. They have given an increase of £600 to your tax free allowance, but they have also lowered the higher rate tax band so that anybody near that tax band will loose out by paying more tax.
This increase of £600 to your tax free allowance has only been made for this year, so next year it will disappear (unless they do it again because it is an election year). Do you think they will raise the higher rate tax band again? I don't.
The only people who are going to benefit from this are really low earners (think less than £10,000 a year low), and even then they are going to get screwed next year.
They have borrowed a large amount of money this year to make it look like they are listening to us and are really nice people by reducing tax, I'm willing to bet that if you work it all out though they are probably breaking even this year and will be netting a healthy increase next year, or maybe I'm just cynical.....