We investigate the parameterized complexity of Vertex Cover parameterized by the difference between the size of the optimal solution and the value of the linear programming (LP) relaxation of the problem. By carefully analyzing the change in the LP value in the branching steps, we argue that combining previously known preprocessing rules with the most straightforward branching algorithm yields an $O^*((2.618)^k)$ algorithm for the problem. Here $k$ is the excess of the vertex cover size over the LP optimum, and we write $O^*(f(k))$ for a time complexity of the form $O(f(k)n^{O(1)})$, where $f (k)$ grows exponentially with $k$. We proceed to show that a more sophisticated branching algorithm achieves a runtime of $O^*(2.3146^k)$. Following this, using known and new reductions, we give $O^*(2.3146^k)$ algorithms for the parameterized versions of Above Guarantee Vertex Cover, Odd Cycle Transversal, Split Vertex Deletion and Almost 2-SAT, and an $O^*(1.5214^k)$ algorithm for Konig Vertex Deletion, Vertex Cover Param by OCT and Vertex Cover Param by KVD. These algorithms significantly improve the best known bounds for these problems. The most notable improvement is the new bound for Odd Cycle Transversal - this is the first algorithm which beats the dependence on $k$ of the seminal $O^*(3^k)$ algorithm of Reed, Smith and Vetta. Finally, using our algorithm, we obtain a kernel for the standard parameterization of Vertex Cover with at most $2k - c \log k$ vertices. Our kernel is simpler than previously known kernels achieving the same size bound.