Poor families hit as UK inflation rises to 1% – as it happened
Government’s freeze on in-work benefits means many families will suffer as the cost of living rises.
The Institute for Fiscal Studies (IFS) states,
In the July 2015 Budget the Government announced that, as part of its attempt to cut annual social security spending by £12 billion, most working-age benefit and tax credit rates would be frozen in cash terms until March 2020.
This policy represented a significant takeaway from a large number of working age households. But it also represented a shifting of risk from the Government to benefit recipients. Previously, higher inflation was a risk to the public finances, increasing cash spending on benefits…
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