Budget 2015: George Osborne’s tax credit cuts will ‘affect more than seven million children’

‘More than seven million children will be hit by the proposed cuts to tax credits to be announced in George Osborne’s post-election Budget on Wednesday, the Government’s advisers on child poverty have warned.

A new analysis by the Social Mobility and Child Poverty Commission found that any cut in tax credits would reduce the incomes of 45 per cent of working families. The vast majority – 72 per cent – of the losers earn less than £20,000 a year. Only 7 per cent of them have earnings of more than £30,000 a year.

Two thirds (4.9 million) of the 7.5 million families with children affected have someone in work, while 2.6 million are in workless households relying on state benefits. The figures will fuel criticism that the move will hit the “hard-working families” which the Conservatives champion.’

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