Budget 2015: Tax Credit Claimants Will Be Up To £1,000 A Year Worse Off, Says IFS

George Osborne’s new “living wage” will fail to compensate low-income workers for the £12bn cuts in the welfare budget, some of which will leave tax credit claimants up to £1,000 a year worse off, according to the Institute for Fiscal Studies.

In its analysis of the chancellor’s budget, the IFS said the budget was regressive, taking “much more” from the poor than the rich. IFS director Paul Johnson said: “Unequivocally, tax credit recipients in work will be made worse off by the measures in the budget on average.”

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