Article VQCY OBR lets George Osborne off the hook over tax credits

OBR lets George Osborne off the hook over tax credits

by
Larry Elliott
from on (#VQCY)

Official forecasts envisage more tax revenue, allowing chancellor a big U-turn in his autumn statement. The problem is OBR estimates are often proved wrong

George Osborne was able to pull not one but three rabbits out the hat when he delivered his 2015 spending review and autumn statement.

Rabbit No 1 was the decision to scrap the planned cuts to tax credits, which the chancellor announced in the summer but were strongly opposed by many of his own Conservative backbenchers, by free market thinktanks and Tory supporting newspapers.

Related: George Osborne scraps tax credit cuts in welfare U-turn

Related: Spending review 2015: George Osborne scraps tax credit cuts and abandons plans to slash police budget - live

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