Up to 2.6 million working families could be an average of £1,600 worse off a year as a result of benefit changes announced in Chancellor George Osborne's Spending Review, a respected economic think tank has found.
The Institute of Fiscal Studies says the introduction of the new Universal Credit, which consolidates a number of existing benefits, will result in the cut in cash for affected households.
According to The Institute of Fiscal Studies, this means that Chancellor George Osborne's U-turn over cuts to tax credits has effectively only been deferred and will have an impact when the system changes over in April.
But, as ITV News Economics Editor Richard Edgar points out, the IFS say 1.9 million families are likely to be better off under Universal Credit.
IFS says Osborne's changes leave 2.6 million families £1600 worse off with Universal Credit, 1.9m will be £1400 better off.
The ditching of tax credit cuts means no family will take an "immediate cash hit", the long-term generosity of the welfare system "will be cut just as much as was ever intended, as new claimants will receive significantly lower benefits than they would have done before the July changes," said IFS director Paul Johnson.
George Osborne has managed to get what he wanted - less generous welfare payments and a clear incentive to encourage people back into work.
After the shadow chancellor's stunt, Labour's Chuka Umunna tells ITV News: "I generally don't quote Communist leaders."
By 2020 millions of students who got a loan post-2012 will be paying more money back quicker.