George Osborne’s higher minimum wage won’t make up for his tax credit cuts, IFS confirms

‘People on low incomes will be significantly worse off after changes to the minimum wage and tax credit and benefits system in George Osborne’s budget, it has been calculated.

The respected Institute for Fiscal Studies said the Chancellor’s higher minimum wage would come nowhere near to compensating for simultaneous cuts to tax credits, leaving people on low incomes worse off.

Mr Osborne renamed the National Minimum Wage the “National Living Wage” and raised it to £7.20, a figure actually below the independently calculated Living Wage rate.

But the higher minimum wage would only cover about a quarter of the cash cut from in-work tax credits, leaving low income households worse off in work.’

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