Chancellor says in autumn statement that improvement in public finances means he is able to ditch controversial cutSpending review 2015 – as it happenedGeorge Osborne executed a U-turn on planned cuts to tax credits,using an unexpected £27bn fiscal windfall in a tender to defuse a damaging political row.
The chancellor had promised to modify his plan, which would gain cost low-income families an average of £1000 a year, and after a rebellion in the Lords and among his own MPs.
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Source: theguardian.com