George Osborne is expected to fund the softening of the
blow of controversial tax credits reductions by taking away housing benefit
from many of the same people who will lose out. Osborne’s tax credit changes
were defeated in the House of Lords last month, with many in his own party
worried they would punish working families unfairly. The transitional
arrangements will be set out in the five-year spending review. The chancellor
will also be forced to admit that deficit reduction forecasts for this year
have proved over-optimistic and his hope of reaching a £10bn surplus at the end
of the parliament is unlikely to be fulfilled. Read more on the Observer
website.
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