Labour Hits Out At Osborne’s Planned Cuts To Universal Credit

‘A plan being considered by George Osborne to reduce the generosity of universal credit could cost some families more than £700 a year, Labour have said.

Owen Smith, the shadow work and pensions secretary, produced the figures in response to reports that Osborne is considering changing the taper rate that applies under universal credit in the hope of saving around £1.5bn a year.

Currently it is set at 65% – meaning that for every extra £1 claimants earn above a threshold, they lose 65p – but Osborne is looking at a proposal to increase this to 75%. He needs the money to help fund measures to reduce the impact of the tax credit cuts that were rejected by the House of Lords.’

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