Resolution Foundation says chancellor should abandon politically damaging cuts and meet target by adjusting taxation and pension thresholdsGeorge Osborne should abandon his planned cuts to tax credits and see for the £4.4bn in revenue elsewhere, according to the Resolution Foundation.
The thinktank was one of the first to warn of the political damage cuts that tax credits could inflict on the chancellor if he pressed ahead with the timetable set out in the summer budget. It has been looking for an alternative way for the cuts to proceed in order to mitigate the effects and has concluded that there is no effective way of simply tweaking the cuts. It instead proposes changes to taxation thresholds and pensions in an attempt to find the £4.4bn.
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Source: theguardian.com