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FOUR-FIFTHS of working families receiving tax credits will face a minimum loss of nearly £25 a week when Tory cuts come into force, the GMB union revealed yesterday.
Its calculations showed changes to tax credits will cause a loss of income to households and a reduction of spending power in local economies worth at least £3,2 billion a year. GMB leader Paul Kenny (above) condemned Chancellor George Osborne for “attacking working families and young workers” while allowing the abuse of housing benefits by private landlords.
These cuts to family budgets are compounded by tax credits being limited to two children and frozen for four years.
