The Chancellor's Budget contained some welcome announcements on 23 March. But it provided little comfort to the thousands of families who will be hit hard when measures previously announced in the emergency budget and comprehensive spending review begin to take effect.
The cumulative impact of restrictions to the eligibility of tax credits and child benefit, increases in VAT and National Insurance, and pay freezes will be a heavy burden for families.
Most of us will be disappointed at the absence of any specific measures to support the vital goal of ending child poverty. But another challenge for many families will be meeting the soaring cost of childcare, which the latest figures show has risen by around 4.8 per cent over the past year. Reductions in the childcare element of Working Tax Credit means working families with two children lose an average of £10.50 a week to help with childcare costs. We may all come to regret that the Budget didn't go further in recognising these two important areas, both of which are crucial to support long-term economic growth.
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