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Right: let's have another stab at this.

How many houses in Wales would the new million pound tax affect, given the plan is to work from land registry values - in other words what you paid for your house all those years ago, not what it might be worth now?

Not many noughts, I ventured. Around 100? One nought, said my colleague. The answer is 40.

So bringing in the tax in Wales would raise very little. The money we'd put into the pot would be minimal.

But we'd get a lot out. We have a disproportinate number of people earning a low income and igven the money raised from the levy would go towards raising all of those people out of the tax bracket, Wales would be getting rather a lot out of the pot.

Good news for Wales, then. End of story.

Of course it might not happen this way, especially in the devolved nations but ... this is the plan for now.

Oh and forget Barnett - another of the red herrings that seem to be drifting into the Conference Centre from the sea outside this week.

On another note: the Welsh Lib Dems' Transport Consultation Document is out. It's about 'changing the centre of gravity' from road to rail, about cutting all public subsidy from the north-south air link and if what you're after is more of an M470 than an A470, "don't look to the Liberal Democrats".

At least that is perfectly clear.

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