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BUDGET DAY: Ten things you can expect from today’s emergency budget

By Peter Gudde

Chancellor George Osborne is to deliver his emergency Budget today - with billions of cuts to welfare expected.

Here are ten things predicted to be included in the announcement.

Tax credit cuts for families with more than two children. The Chancellor is set to take child tax credits back to the levels seen in 2003-4 to save around £5billion.

If the plan is approved it would mean the benefit would be cut for 3.7million low-income families by around £1,400 a year, according to the Institute for Fiscal Studies (IFS).

The benefits cap could be pulled down to £20,000 a year per household outside the South East.

On Sunday trading hours the Chancellor is expected to confirm a policy to allow councils to decide on extensions to Sunday trading hours.

Currently retailers can only trade for up to six hours on Sunday.

The threshold at which workers start paying the 40p tax rate is expected to be raised as part of an ambition to increase it to £50,000 by 2020.

Plans to cut £12 billion from welfare spending are likely to be implemented more gradually than the two-year timeframe proposed earlier this year.

Devolution for Yorkshire is expected to be on the agenda, with negotiations between Sheffield and Leeds authorities said to already be underway.

Student grants are to be axed and replaced with loans, it has been reported, to save £1.6m. Means-tested maintenance grants are meant to help those from poorer backgrounds.

An increase in the inheritance tax allowances for couples to £1 million.

People on housing benefit could be made to contribute to their rent for the first time - while those aged under 25 and young jobseekers could also see cuts.

The Government has said that it will find £5bn from tackling tax evasion and avoidance.


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