UK's poorer families face cuts as Osborne reshapes welfare state

By William James LONDON (Reuters) - Britain's poorer families will have their welfare payments cut over the next five years as part of chancellor George Osborne's plans to rebalance public finances. Osborne used a much-anticipated budget announcement on Wednesday to set out how he intends to reshape Britain into what he called a low-tax, small-state economy following the Conservative Party's unexpectedly decisive victory at a national election in May.av Osborne said he would sharply restrict access to an expensive tax credits system, which tops up the earnings of workers on low incomes, and freeze working-age benefits for four years - twice as long as he had previously promised. "Welfare spending is not sustainable and it crowds out spending on things like education and infrastructure that are vital to securing the real welfare of the people," Osborne told parliament. Read More http://ift.tt/1CoXA4c

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