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East Midland’s economy to lose over £335,000,000 from George Osborne’s tax credit cuts

Figures from the House of Commons Library show that over £335,000,000 could be lost to the East Midlands economy if tax credit cuts proposed by the Chancellor George Osborne – that hit nearly 252,000 low and middle-income working families in the East Midlands – come into effect in April 2016.

Labour has been out campaigning across the East Midlands this weekend, collecting signatures for a petition calling on David Cameron to stop the tax credit cut.

Seema Malhotra MP, Shadow Chief Secretary to the Treasury, said: “Around 252,000 working families in the East Midlands will be worse off by an average of £1,300 a year from next April if the Tory tax credit cuts aren’t reversed. The House of Commons Library research I commissioned shows that not only will they suffer, but the East Midland’s economy could lose £335,000,000 a year.

“This is about standing up for hard-working people in the East Midlands and their families who depend on tax credits to make ends meet. We should be focussing on helping people earning their way out of tax credits, not just cutting them as George Osborne is doing.”

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