Yahoo Finance IFS: 2.6m Families Will Be £1,600 Worse Off
Around 2.6 million working families will be an average of £1,600 a year worse off because of Spending Review cuts, the IFS says.
Despite George Osborne's big announcement that he has scrapped the tax credit cuts, working age benefit payments will be reduced to their lowest level as a share of national income for 30 years, the respected economic organisation has said.
The Chancellor's spending review was widely welcomed as an "end to austerity" and a u-turn on the tax credit cuts that would have let 3.3m families £1,100 a year worse off.
However, while IFS director Paul Johnson said the cuts were "less severe" than expected it was "not the end of austerity" and was "one of the tightest" spending review's in post-war history.
