Tax Credit Cuts: 16,400 Thanet Families Made Poorer

Later today MPs will vote on whether or not to cut  tax credits to the low paid and unemployed. Former  Green Party Parliamentary Candidate for South Thanet , Ian Driver, has  said that at least 16,400 families in Thanet  are  likely to be affected by this decision, including his own. According to the latest Government figures 8,500 families in the South Thanet parliamentary constituency and 7,900 families in North Thanet, receive working and/ or child tax credits. If the cuts to tax credits are approved today then, in April 2016,  most of these families will see significant reductions in their household incomes. Said Driver “Prime Minster Cameron has claimed that tax credit cuts will be offset by the introduction of the Living Wage and increases in tax allowances and that most families will not be worse off. This is simply not true.

The Resolution Foundation and the Institute of Fiscal Studies, both highly respected think-tanks, have worked out that most  people in receipt tax credits will actually be worse off, with many families  losing up to £1,300 a year. And just last  week the House of Commons Library published a research paper which also concludes that there will be many more losers than winners when child and working tax credits are cut next April”.
He added “Thanet was recently ranked as the 35^th most deprived local authority area in England and Wales with rates of poverty amongst the worst in the country. To cut the standards of living of 16,400 families, who are already struggling desperately hard to get by, is utter madness and will  massively increase the deprivation already faced by tens of thousands of local men, women and children. This is not a sensible way to promote much needed regeneration and economic growth in Thanet ”.
“Lets not forget that the economic recession was caused by the reckless gambling of  bankers and speculators and by  the failure of Labour and Tory  politicians to properly regulate the greed-driven  financial markets. These are the culprits who should be paying the price for the recession and the budget deficit, not the poorest and most vulnerable in society. Instead of cuts for the poorest, I call on the Government to increase taxes for the wealthy, to close tax loopholes and end the £120 billion Trident missile programme”.