New Clause 1 — Repeal of Tax Credits Regulations 2015

Part of Welfare Reform and Work Bill (Programme No. 3) – in the House of Commons at 1:15 pm on 27th October 2015.

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Photo of Owen Smith Owen Smith Shadow Secretary of State for Work and Pensions 1:15 pm, 27th October 2015

The hon. Gentleman should start by explaining to the 3,700 constituents in his constituency who will lose out as a result of the measures for which he will no doubt vote and speak today—[Interruption.] I will answer the specific question he asks. The truth is that under the previous Labour Government, when this iteration of tax credits was introduced, the steady state amount of money we spent on tax credits was £23 billion per annum. In 2009-10, after the crisis, that went up to £30 billion. The bankers’ recession saw a spike in the necessary spending on tax credits, and it has stayed at £30 billion under his Government—another measure of this Government’s rotten economic record.