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NewsTax credit changes 'could have an impact on families'
Tax credit changes 'could have an impact on families'
Posted by Emily Jones
New technical changes to tax credit allowances could have an impact on families' ability to generate pay living costs.
According to the TUC, at least half a million domestic households will lose more than £1,000 following plans announced as part of last month's emergency Budget.
It claims that from 2012-13, the first £2,500 of income lost in wages will be disregarded when calculating a family's entitlements.
The organisation noted that the government expects to raise about £550 million a year through this policy.
Brendan Barber, TUC general secretary, criticised the plans and said it "will make a real difference to some of our poorest and most vulnerable families".
He went on to add that "those on middle and low incomes are being left to pick up the cost of the recession".
The news comes after Ian Boden-Smyth, spokesperson for The UK Insolvency Helpline, said that everyone should be permitted to a basic bank account regardless of their history of bankruptcy. 
21/07/2010 16:34
News category: Employment