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Tax credit reforms will save £15bn a year, Treasury insists Tax credit reforms will save £15bn a year, Treasury insists
(about 1 hour later)
The government has defended its cuts to tax credits, saying reforms made since 2010 will save taxpayers £15bn a year.The government has defended its cuts to tax credits, saying reforms made since 2010 will save taxpayers £15bn a year.
The Treasury released its analysis to the BBC as ministers faced calls to rethink the latest changes, which come into force in April.The Treasury released its analysis to the BBC as ministers faced calls to rethink the latest changes, which come into force in April.
London mayor Boris Johnson is among those to have warned about the need to protect low-paid workers.London mayor Boris Johnson is among those to have warned about the need to protect low-paid workers.
Labour has pledged to reverse the changes and is urging Tories to oppose them in a Commons vote on Tuesday.Labour has pledged to reverse the changes and is urging Tories to oppose them in a Commons vote on Tuesday.
Chancellor George Osborne was asked about the reforms at a meeting of Conservative backbench MPs on Monday evening.
'200,000 nurses'
One MP told BBC political correspondent Ben Wright the issue was an "unexploded bomb", with millions of people due to learn how much money they will lose in letters received shortly before Christmas.
From April, the threshold at which tax credits begin to be withdrawn will fall from £6,420 to £3,850, and people's credit entitlement over this amount will be reduced more steeply.From April, the threshold at which tax credits begin to be withdrawn will fall from £6,420 to £3,850, and people's credit entitlement over this amount will be reduced more steeply.
The government says people's incomes will be protected by other measures, including the new National Living Wage, increased free childcare and a larger personal income tax allowance.The government says people's incomes will be protected by other measures, including the new National Living Wage, increased free childcare and a larger personal income tax allowance.
And in a challenge to critics of the policy, the Treasury has commissioned analysis on public spending levels that would have occurred without any of the government's changes. '200,000 nurses'
Chancellor George Osborne was asked about the reforms at a meeting of Conservative backbench MPs on Monday evening.
BBC political correspondent Ben Wright said that, with millions of people due to learn how much money they will lose, in letters received shortly before Christmas, one MP had described the issue an "unexploded bomb".
But the Treasury is "holding the line" and "not budging", looking set to "take the political hit" on the reforms, our correspondent added.
In a challenge to critics of the policy, the department has commissioned analysis on public spending levels that would have occurred without any of the government's changes.
It found that spending on tax credits would have risen to £40bn a year by 2016-17. It is now forecast by the Office for Budge Responsibility to be just over £25bn in 2016-17 - around £15bn lower.It found that spending on tax credits would have risen to £40bn a year by 2016-17. It is now forecast by the Office for Budge Responsibility to be just over £25bn in 2016-17 - around £15bn lower.
This figure, which includes the £4.5bn due to be saved by the latest changes, was the equivalent of the cost of 200,000 nurses or 325,000 teachers, the Treasury said.This figure, which includes the £4.5bn due to be saved by the latest changes, was the equivalent of the cost of 200,000 nurses or 325,000 teachers, the Treasury said.
BackgroundBackground
Tax credits debate: Finding your wayTax credits debate: Finding your way
As well as Tuesday's opposition day debate, cross-bench peer Baroness Meacher is tabling a motion to amend the reforms in the House of Lords.As well as Tuesday's opposition day debate, cross-bench peer Baroness Meacher is tabling a motion to amend the reforms in the House of Lords.
Former minister Andrew Mitchell has suggested a "tweak" is needed before April, and Labour MP Frank Field says he has come up with a way to cushion the blow on those affected at no extra cost.Former minister Andrew Mitchell has suggested a "tweak" is needed before April, and Labour MP Frank Field says he has come up with a way to cushion the blow on those affected at no extra cost.
Mr Johnson said he was "sure" Mr Osborne could come up with a way to protect people on low incomes from tax credit cuts.Mr Johnson said he was "sure" Mr Osborne could come up with a way to protect people on low incomes from tax credit cuts.
Speaking on BBC Radio 4's PM programme, Conservative MP Stephen McPartland - one of two Tories to vote against the reforms last month - said he was unhappy they had not been mentioned in his party's general election manifesto.Speaking on BBC Radio 4's PM programme, Conservative MP Stephen McPartland - one of two Tories to vote against the reforms last month - said he was unhappy they had not been mentioned in his party's general election manifesto.
"There are still a number of Conservative MPs who are very unhappy," he said, adding that it would have helped if those now questioning the changes had spoken out earlier."There are still a number of Conservative MPs who are very unhappy," he said, adding that it would have helped if those now questioning the changes had spoken out earlier.