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Tax Credits

Part of Opposition Day — [7th Allotted Day] – in the House of Commons at 2:23 pm on 20th October 2015.

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Photo of Seema Malhotra Seema Malhotra Shadow Chief Secretary to the Treasury 2:23 pm, 20th October 2015

I will give way in a moment.

The Chancellor decides to cut tax credits at the same as cutting income tax and inheritance tax for some of the wealthiest in our society. His failure to grow wages in the last Parliament not only led to a drop in living standards, but meant that tax receipts were lower than they would otherwise have been. In addition, as the

Institute for Fiscal Studies has highlighted, welfare spending was virtually unchanged during the last Parliament because of the growth in tax credit payments and the explosion in housing benefit payments caused by his low-wage economy. Indeed, the number of people earning less the living wage has risen by 45% since 2009. The Government may seek to hide what they are doing and to make this a debate about the Labour party, but it is a debate about the quality of life for millions of families who are working hard to make ends meet.