Ed Miliband, Ed Balls and Rachel Reeves have today revealed the Tories’ Secret Plan.
Millions of family budgets are at risk from five more years of the Tories’ plans to:
- Cut £3.8 billion from the Tax Credits working families rely on.
- Include Child Benefit in Universal Credit, meaning a cut of more than £1,100 a year for 4.3 million families.
- Double the pace of cuts next year.
Before the last election, Labour warned that the Tories would cut Tax Credits for families earning just £31,000. The Tories said this was a lie, but then did exactly as Labour warned after the election.
Today, under pressure from Labour, David Cameron and the Tories have repeatedly refused to rule out further cuts to Tax Credits and Child Benefit.
Analysis of Tory spending plans shows that David Cameron and George Osborne are planning another raid on the Tax Credits of millions of working families. The Tories’ plans will mean cutting Tax Credits by £3.8bn a year, meaning families on as little as £23,000 losing out.
The next Labour Government will protect family budgets by increasing Tax Credits at least in line with inflation every year because we know that Britain succeeds when working families succeed.