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 1:30 pm on 27th October 2015.

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Photo of Owen Smith Owen Smith Shadow Secretary of State for Work and Pensions 1:30 pm, 27th October 2015

I have considered the impacts. I think that reducing aggregate demand by taking money out of the pockets of working families—the people with the highest propensity to spend money locally in the economy—is a foolish thing to do. It is a false economy. We know that to be true economically, so why on earth would the Government want to do it?