Iain Duncan Smith U-turn ‘will hammer 400,000 savers’

WORK and Pensions Secretary has been accused of a U-turn which means up to 400,000 families with savings could lose out on benefits.
The row has erupted in the committee stage of Mr Duncan Smith’s Welfare Reform Bill. The bill includes measures which mean households with £6,000 of saving will lose out on some benefits and those with £16,000 or more will receive nothing.

Mr Duncan Smith’s position appears to be a reverse of the one he held in 2009, before the Tories returned to power, when a report produced by the Centre for Social Justice (CSJ), the think-tank he headed, criticised the “punitive” penalties such a system had on those who saved for the future.

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