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Wednesday, April 4, 2012

'Up To One Million Families Hit By Govt Cuts'

Up to a million families each stand to lose an average of £511 a year under tax and benefit changes, according to research.

Anti-poverty campaigners dubbed the start of the financial year Bad Friday, warning cuts totalling more than £2bn were taking effect over the Easter weekend.

Shadow chancellor Ed Balls said the impact calculated by the Institute for Fiscal Studies (IFS) was proof of a "tax credits bombshell" with up to a million households losing eligibility entirely.

Mr Balls said the IFS figures revealed a "bombshell".

"Families on middle and low incomes are this weekend facing a tax credits bombshell from David Cameron and George Osborne," he said.

"For all the Government's talk about increasing the personal allowance, these independent figures show that while they may be giving with one hand they are taking much more away with the other." Read More