The People’s Assembly Against Austerity:The Tory party have sharpened their axe, announcing £12bn in welfare cuts and Tax handouts to the super rich.

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The People’s Assembly Against Austerity:The Tory party have sharpened their axe, announcing £12bn in welfare cuts and Tax handouts to the super rich.

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Osborne’s budget was expected to be harsh, but not quite the nasty piece of work we all heard yesterday afternoon. The Tory party have sharpened their axe, announcing £12bn in welfare cuts over the next five years, whilst handing out freebies to the super rich.

Here’s our 12 point break-down of what was said in yesterday’s Emergency Budget:

  1. £12bn in welfare cuts are yet to come whilst only £5bn will be sought from tax evasion (of £70bn that is known to exist!)
  2. Public sector pay increases will be limited to 1% which is below inflation
  3. Corporation tax will be cut to 18% in the next two years
  4. Working age benefits will be frozen for 4 years
  5. There will be no additional working tax credits for families with more than two children, or USC, or housing benefits
  6. The £26,000 benefit cap – the amount one household can claim in a year – will be cut to £23,000 in London and £20,000 in the rest of the country.
  7. Maintenance grants for students – paid to students with family incomes below £42,000 – to be scrapped and converted into loans from 2016/17
  8. All housing benefits for 18-21 year olds will be scrapped
  9. Youth benefits systems will be overhauled with a “youth obligation on 18-21 year olds to ‘earn or learn'”
  10. Social housing rents will be heightened to market rate, if you are in work and earning more than £30k – whilst all other social housing rent will only be reduced by 1% in the next 4 years
  11. A ‘living wage’ has been announced but not for another five years, and only for those over the age of 25 – at the same time as working tax credits will be cut by billions of pounds.
  12. The minimum wage will supposedly rise to £7.20 p/hr but is not currently enforced (only 2 prosecutions in 5 years). This is unlikely to be different.

However – at the same time, more than 50 actions took place across the country as tens of thousands of us took to the streets to demonstrate to Osborne that we will not accept such horrendous measures – measures that isolate and cripple the most vulnerable and hardworking in our society, whilst giving those at the top and extra leg-up.

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