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| Version 0 | Version 1 |
|---|---|
| Budget 'to extend welfare cuts timetable' | Budget 'to extend welfare cuts timetable' |
| (35 minutes later) | |
| George Osborne will slow the pace of planned welfare cuts when he presents his Budget, the BBC understands. | George Osborne will slow the pace of planned welfare cuts when he presents his Budget, the BBC understands. |
| The chancellor is expected to take three years instead of two to reach his £12bn target. | The chancellor is expected to take three years instead of two to reach his £12bn target. |
| BBC political editor Nick Robinson said Mr Osborne would unveil proposals on Wednesday for £8bn of cuts by 2017/8 and a further £4bn by 2018/9. | BBC political editor Nick Robinson said Mr Osborne would unveil proposals on Wednesday for £8bn of cuts by 2017/8 and a further £4bn by 2018/9. |
| The first post-election Budget is also likely to cover Sunday trading, inheritance tax and social housing. | The first post-election Budget is also likely to cover Sunday trading, inheritance tax and social housing. |
| The Tories have not yet said where the bulk of the £12bn in welfare savings they have pledged to make will come from. | The Tories have not yet said where the bulk of the £12bn in welfare savings they have pledged to make will come from. |
| But BBC Newsnight understands tax credits will be reduced for families with more than two children. | But BBC Newsnight understands tax credits will be reduced for families with more than two children. |
| The measure, which would apply to new families coming into the system, would save £1.4bn. | |
| Other measures known so far include a reduction in the benefit cap and removing subsidies for social housing. | |
| On Sunday, Mr Osborne said he had identified where the savings would be found. | |
| "So yes, we've got to find savings in welfare - and we have found that £12bn of savings in welfare that we said we'd be able to find in the election," he told the BBC's Andrew Marr show. | |
| The Conservatives have pledged to eliminate the UK's budget deficit by 2018. |