Conservatives undecided on benefit cuts
30/03/2015
The Conservatives have not made any decisions yet in regards to benefit cuts they might make if they win the oncoming general election, the BBC has reported.
Ian Duncan Smith, the Secretary of State for Work and Pensions, said that the party has not yet made any concrete decisions on how they will cut £12 billion from the welfare budget by 2017/18. Leaked documents revealed that taxing disability benefits was among the options, as well as restricting Carers Allowance, limiting child benefit to the first two children and regional variations in benefit caps.
Mr Duncan Smith told the BBC that none of the above options had been discussed with Chancellor George Osborne. A benefits freeze and a bid to reduce the current benefits cap by £3,000 will account for a quarter of the savings the Tories are hoping to make, and Mr Duncan Smith advised that they will continue to make cuts in these ways. He said:
"What we've come in to do is to reform the welfare system, so that we don't waste money on organisations and groups and things that don't actually help life change.
"No decisions have been made. As and when decisions are made of course we will be very open to the public."
Labours campaign chief has also said that they will not be outlining any further plans for cuts before the general election.
Shadow work and pensions secretary, Rachel Reeves, said:
"Iain Duncan Smith's refusal to admit how children, disabled people, carers and working families will be hit by secret Tory plans six weeks before the election is completely unacceptable."
Need financial Advice?
If you have any personal finance questions related to this news article, please contact our financial advisers. You can get in touch by asking a question online, calling us on 0800 092 1245, or by arranging a visit.
Share this..
Related stories
Greek prime minister goes on the offensive
George Papandreou has today gone on the offensive and criticised the European Union's response to his country's ever growing budget deficit and economic collapse. In a rather bizarre move the Greek authorities have now turned on the European Union, the only party to come forward so far to offer assistance. So what next for the Greek authorities? Today we saw further developments within the Gree...
Read MoreWhy have national governments stopped working together?
Only a few weeks ago the likes of the UK, US, France, Germany, China and Japan were all singing from the same hymn sheet with regards to the worldwide economy. However, it is becoming more and more evident that over the last couple of weeks there has been a change in strategy from many of the leading economies in the world and more focus has been placed upon their own domestic economies as opposed...
Read MoreUK Growth Forecast cut by IMF
The International Monetary Fund (IMF) has delivered a blow to the UK economy and the Chancellor, by slashing the growth forecast for 2012. The figures, although not hugely varied, will mean that instead of 0.2pc growth for the year as predicted in July, the UK will continue to be battle against recession as the economy shrinks by 0.4pc. This announcement is in line with the overall outlook fro...
Read MoreWorld Economic Forum hits back at overregulation
The World Economic Forum has this week seen chief executive after chief executive step forward to condemn the ongoing increase in regulations in the worldwide financial sector. This is the first time we have seen banks publicly fight back together in what is becoming something of a witch hunt around the world. Only recently Pres Obama introduced a very heavy tax levy on the US banking system an...
Read MoreIs the services sector the key to a UK economic revival?
The British Chambers of Commerce has today issued a statement regarding the UK economy amid growing concerns that the services industry is starting to falter. Even though 2009 will probably have seen the UK economy emerge from the recession in the final quarter, there are "disturbing weaknesses" in the UK services sector. This is the sector which includes the finance industry and has in many ways...
Read More