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Clause 3 — Abolition of starting and savings rates and creation of starting rate for savings

Part of Orders of the Day – in the House of Commons at 9:45 pm on 28th April 2008.

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Photo of Jane Kennedy Jane Kennedy Financial Secretary, HM Treasury 9:45 pm, 28th April 2008

I am grateful to my hon. Friend for those comments, and I agree entirely. He will remember who was in power at that time.

On working tax credits—I can see the pained expression on your face, Sir Alan. [ Interruption. ] It is not a pained expression. That is good. Working tax credits have benefited 6 million families, with the average working family now £60 a week better off in real terms since tax credits were introduced in 1999. Some 3 million of Britain's 7 million families with children will receive more in tax credits and child benefits than they pay in income tax. That will effectively wipe out their tax liability altogether. For those without children, the average award in 2005-06 was more than £1,900 a year. That is why I encourage all those who come into contact with people on low incomes, particularly single people, to tell them that they should consider whether they would be eligible for working tax credits.

Over the past 10 years, the Government have also focused on long-term support for all pensioners to provide security in old age.

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