A tally of cuts

Gareth Morgan has posted detailed estimates of the level of social security cuts, which he puts at £25bn rather than the headline figure of £18bn.  The cumulative figures over the last few years are more of interest to economists, who are looking at the levels of resources in an economy overall, than to people concerned with benefits administration, for whom the annual figure is more important:   in the current financial year, the largest impact seems to be through cuts in Child Benefit and Tax Credits, but beyond that the effects of cuts in housing support are starting to bite.  The cuts to date have probably suppressed economic recovery; it remains to be seen what effect they will have on the economy in the immediate future, as we slide towards the next election.

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