1. Chris Ship

Summary of Chancellor's announcement on benefits

  • State pension will go up by 2.5% - to £110.15 per week
  • Osborne: Working age benefits are being capped for first time. Those of out of work benefits seen their incomes rise twice as fast as those in work (10% v 20%)
  • A similar approach of a 1% rise will apply to those in receipt of benefits (carers and disability benefits to increase with inflation)
  • JSA employment allowance income support uprated by 1% for next 3 years
  • Working tax credits by 1% for next three years (although current freezes will still apply)
  • It saves £3.7bn in 2015/16 says the Chancellor