With UK citizens having to tighten their belts due to the current economic situation, the government is forced to reduce public spending. The latest measure that has been considered is the cancellation or reduction of child benefits for those people who are earning more than £50,000 a year.
This will take effect on January 7th, 2013, and more than 1million families are expected to receive letters about the new policy this week.
Although the poll shows that 85per cent of taxpayers back the new plan, many conservative MPs have protested to George Osborne about the move warning that this will anger supporters.
MPs have urged the Chancellor to at least delay the move before it will take effect next January.
A Treasury spokesman said: “When the Government is having to reduce welfare spending, it is very difficult to justify continuing to pay for the child benefit of the wealthiest 15per cent of families in society.
“The unprecedented scale of the deficit has meant the Government has had to make tough choices to reduce public spending, but we have always been clear that those with the broadest shoulders should carry the greatest burden.”
Currently, the benefit pays £20.30 a week for the first child and £13.40 for each younger child. This means that families earning £60,000 per year will lose up to £2,450 per year should they have three children.
FirstGroup Chairman to step down
Chelsea flower show: how it all started
Male Brit arrested over two child deaths in France
Three-Cheese, Pepper & Watercress Roulade Recipe
Co-Operative Bank: reassurance to customers
Why people refinance their mortgages
Over 50s insurance–checklist for your driving trip
Your guide to applying for commercial mortgages
Scams: how to keep you and your family safe
Tips on how to retire without debt
ASDA has reported an increase in profits
Will UK economy favour debit cards?
Ways a banks can reform economic stability
Fire service needs overhaul, says government reports
| Derbyshire Personal Loan | Sainsbury's Shopper Standard Loan | Clydesdale Bank Personal Loan | |
| Representative APR | 5% | 5% | 5.1% |
| Loan Amount | £10,000 | £10,000 | £10,000 |
| Loan Duration | 3 years | 3 years | 3 years |
| Comments | For loans of £7,500... | For loans of £7,500... | For loans of £7,500... |
| Representative Example | If you borrow £10,000 o... | If you borrow £10,000 o... | If you borrow £10,000 o... |
| Apply | Apply | Apply |
Powered by
MoneySupermarket are free, independent & compare all UK loans & credit cards as well as offering exclusive deals you won't find anywhere else. MoneySupermarket House, St David's Park, Ewloe, Flintshire CH5 3UZ
4 considerations for assuring finances are stable
Diane Abbott warns about masculinity crisis in UK
5 things to keep check on various banking entities
Mobile phone can cause high blood pressure, says study
Focus on: Need a loan? Now pay just 5% over 5 years
Is making money through solar power possible?
4 points on insurance and the EU
Prince Harry ends US tour with charity polo match
Ways to make home improvements this summer
Malaria mosquitoes drawn to human odour, says research
| Top Credit Cards Deals | ||
| Representative APR | ||
| MBNA | 12.90% | Apply |
| Sainsbury's | 7.80% | Apply |
| Sainsbury's | 7.80% | Apply |
| Powered by |
||