Seema Malhotra MP, Shadow Chief Secretary to the Treasury, condemns tax credit cuts which could harm Hounslow and London’s economies.
The Tax Credit changes due to come into effect in April could see at least £17.5 million being taking out of Hounslow, affecting tens of thousands of low and middle income families. Tackling these measures Seema Malhotra MP says:
“Around 410,000 working London families will be worse off by an average of £1,300 a year from next April if the Tory tax credit cuts aren’t reversed. The House of Commons Library research I commissioned shows that not only will they suffer, but the London economy will lose at least £0.5 billion a year. In my own borough of Hounslow, 13,500 working families will be penalised by George Osborne and David Cameron, and the local economy will be hit by around £17.5 million in reduced purchasing power if these cuts come into effect.
“Today I and my colleagues will be trying to get these unfair tax credits reversed. This shouldn’t be a party-political issue – it’s about standing up for hard-working Londoners and their families who depend on tax credits to make ends meet. I hope that MPs from all parties will join us and vote to support their constituents. We should be focusing on helping people earning their way of tax credits, not just cutting them as George Osborne is doing.”