Owen Smith – 2015 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Owen Smith on 2015-11-03.

To ask Mr Chancellor of the Exchequer, what estimate he has made of how many working households including people under 25 are likely to lose income as a result of changes he has announced to tax credits.

Damian Hinds

The Government is committed to achieving a higher wage, lower tax, lower welfare economy. That means more emphasis on support to working families on low incomes through reducing tax and increasing wages, than on topping up low wages through tax credits.

The Chancellor is listening to concerns raised by colleagues and will announce in his Autumn Statement how he plans to achieve the same goal of reforming tax credits and saving the money we need to secure our economy, while at the same time helping in the transition.