Mr Osborne will now seek deeper cuts in housing benefits
as he aims to meet his pre-election pledge of cutting the welfare budget by
£12bn. Mr Duncan Smith allegedly threatened to resign as Work and Pensions
Secretary if the savings were found through cuts to his Universal Credit
system. Claimants currently lose 65p in every extra pound they
earn as benefits are withdrawn. Following £2bn cuts to Universal Credit,
claimants would have lost 75p in every extra pound. Mr Duncan Smith is
reportedly working on a shared ownership scheme in a bid to drive down the
housing benefit bill, where tenants living in local authority housing for three
years would be granted 70% of the equity in the home and rent the remaining
30%. Read more on the Politics Home website.
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