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Tax credit cuts to cost Britain's five million poorest children £750 each a year | Tax credit cuts to cost Britain's five million poorest children £750 each a year |
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Five million of Britain’s poorest children will lose an average of £750 each a year because of the Government’s cuts to tax credits, The Independent has learnt. | Five million of Britain’s poorest children will lose an average of £750 each a year because of the Government’s cuts to tax credits, The Independent has learnt. |
The figures, which show the impact on 2.7 million working families from changes to tax credits in April, were uncovered by Labour in the House of Commons Library. | |
From next year, tax credits will be withdrawn sooner and at a faster rate as workers’ incomes rise, following an announcement in the July budget. The set rates for benefits and tax credits will also be frozen for the next four years. | From next year, tax credits will be withdrawn sooner and at a faster rate as workers’ incomes rise, following an announcement in the July budget. The set rates for benefits and tax credits will also be frozen for the next four years. |
Previously unreported figures from the Institute For Fiscal Studies also show that a lone parent in work will be, on average, £2,021 a year worse off following the reforms. | Previously unreported figures from the Institute For Fiscal Studies also show that a lone parent in work will be, on average, £2,021 a year worse off following the reforms. |
A couple with children where one parent is working will have, on average, £1,329 less. In both of these cases a large part of the slashed household budget is down to the drastic cuts to tax credit. | A couple with children where one parent is working will have, on average, £1,329 less. In both of these cases a large part of the slashed household budget is down to the drastic cuts to tax credit. |
Stephen Timms, the acting shadow Work and Pensions Secretary, said: “Tory tax credit cuts will take money away from millions of families and children. It’s time for the Government to make work pay rather than making working families pay.” | Stephen Timms, the acting shadow Work and Pensions Secretary, said: “Tory tax credit cuts will take money away from millions of families and children. It’s time for the Government to make work pay rather than making working families pay.” |
The Department for Work and Pensions had not responded for a comment at the time of publication. | The Department for Work and Pensions had not responded for a comment at the time of publication. |