Chancellor says he will respond to Lords defeat with novel measures in his autumn statement and declines to rule out lowering surplus targetGeorge Osborne has formally committed himself to “lessening” the impact of his proposed cuts to tax credits on families after peers voted to delay the cuts until the government compensates low earners.
The chancellor said he was determined to press ahead with the changes to tax credits but added that he would respond to the vote in the Lords by outlining in his autumn statement next month measures to soften the impact of the cuts.
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Source: theguardian.com