Chancellor scraps all plans to cut tax credits!

Working families everywhere will be over the moon to hear that Chancellor George Osborne has axed his plans to cut the tax credits. He announced today that the cut, which caused outrage across the country, will be no more.

However, he will still need to get the money from somewhere and will instead cap housing benefit for new social tenants. 

If the tax credit cuts were to of went ahead, they would have cost millions of families across the country thousands of pounds worse off per year.

He said: “The tax credit taper rate and threshold remain unchanged.”

Universal credit will still be getting rolled out over the next few years so you should still expect to see a few changes, however you don’t have to worry about losing out on thousands of pounds anymore.

CLICK HERE to find out how Universal Credit will affect you.