More than a million better-off families will lose some or all of their child benefit, under changes which came into force at midnight.
The government hopes to save £1.5bn a year to help reduce the deficit.
David Cameron described the move as "fundamentally fair" but Labour said it was a "huge assault" on families.
None bias political views for a new generation. Personal political opinions and commentary on topical British political news. My thorts are i-thorts... My politics are i-politics...
Showing posts with label HM Treasury. Show all posts
Showing posts with label HM Treasury. Show all posts
Monday, 7 January 2013
i-thorts' i-Politics: Child benefit changes take effect
Sunday, 2 December 2012
An Extra Year Of Austerity Foreseen For Britain
Alongside the atement on Wednesday, the Chancellor's Autumn Statement on Wednesday, the Office for Budget Responsibility (OBR - the independent fiscal watchdog) are set to tell George Osborne that the Government's efforts to reduce borrowing are in danger.
The OBR are expected to warn this week that the Chancellor looks set to miss his target for bringing down Britain's debt mountain; raising the prospect of more austerity measures.
Unless the Chancellor puts forward further hardship measures, Economists - alarmed by just how difficult it seems for the debt-ratio to begin decreasing in the foretold timescale of 2014-15 and 2015-16 (which Mr Osborne set to reduce GDP) - warn that Mr Osborne's goal for reductions to the
gross domestic product were totally underestimated. This means the Chancellor's duel debt-reducing targets are more at risk because of the low growth-estimates and their knock-on impact on the Treasury's revenues.
"When the OBR was established in 2010 I said that the evidence of its success would come when a Chancellor of the Exchequer wished it had never been set up. I think that moment is approaching..."
As if things aren't bad enough! The outcome being an extra year of hardship is foreseen for British citizens .
Friday, 2 November 2012
Welfare Cuts? - Not In Our Back Yard!
BBC reported (Child benefit 'nimbys' accused) that Middle-classes are fuming at the thought of losing some (or all) child-benefit one parent is earning from £50,000 to £60,000 and over. (Families of three children could loose £4,000.)
This comes after poorer couples (working under 24 hour a week between them) lost up to £100 week (£5,200 a year) in working tax from this April ... and no one battered an eye or even seemed to report it. These are families on minimum wage, earning under £6,000.
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