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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
(about 1 hour later)
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 2.7million working families from changes to tax credits in April, were uncovered by Labour in the House of Commons Library. 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From next year, tax credits will be withdrawn sooner and at a faster rate as workers’ incomes rise, following an announcement in the July budget.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set rates for benefits and tax credits will also be frozen for the next four years.From next year, tax credits will be withdrawn sooner and at a faster rate as workers’ incomes rise, following an announcement in the July budget.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.