Working Tax Credits

Part of the debate – in Westminster Hall at 4:23 pm on 30th November 2011.

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Photo of Jonathan Reynolds Jonathan Reynolds Labour, Stalybridge and Hyde 4:23 pm, 30th November 2011

May I bring the Minister back to the specific move from 16 to 24 hours? The figures I have from the Treasury estimate that this change will save £380 million a year. Yes, that is a substantial sum, but the context is one of a Government now borrowing £158 billion more over this Parliament than they said they would just a year ago. If a family’s income goes from £18,000 a year to £14,000, based on this change, will they not feel some angst at a statement that focuses only on higher earners having their tax credits taken away and the wider economic impact? £18,000 to £14,000 is a very big change for a family in my constituency.