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Budget 'to extend welfare cuts timetable' Budget 'to extend welfare cuts timetable'
(about 1 hour 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. Measures restricting tax credits for families with more than two children are anticipated.
The first post-election Budget is also likely to cover Sunday trading, inheritance tax and social housing. The first all-Conservative Budget since 1996 is also likely to cover Sunday trading, inheritance tax and social housing and to raise tax allowances.
Mr Osborne is set to promise "bold" policies that will "secure Britain's future".Mr Osborne is set to promise "bold" policies that will "secure Britain's future".
The Tories have not yet said where the bulk of the £12bn in welfare savings they have pledged to make will come from.
BBC political editor Nick Robinson said Mr Osborne would reveal the detail of the cuts, which would be phased in, with £8bn by 2017/8 and a further £4bn by 2018/9.
Tax credits are expected to be in the firing line, with David Cameron having promised to end the "ridiculous merry-go-round" of taxing low earners then handing them money back in benefits.
BBC Newsnight understands tax credit entitlements 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.
Analysis by Nick Robinson, BBC political editor
"Big. Very Big". That's how one well-placed insider responded when asked to describe tomorrow's Budget.
It ought to be. After all, this is the first Conservative budget in almost 20 years. The last was delivered by Ken Clarke in 1996. It has to deliver promises repeated for so long but yet to be delivered, like the cut to inheritance tax.
It has to fulfil the Tories' stated goals of cutting spending, cutting welfare and cutting tax whilst still claiming to be the "workers' party" pursuing a One Nation "we're all in it together" philosophy.
Read the blog in full
The Conservatives have pledged to eliminate the UK's budget deficit by 2018.The Conservatives have pledged to eliminate the UK's budget deficit by 2018.
A number of measures have already been revealed, including:A number of measures have already been revealed, including:
Mr Osborne will also announce that the annual amount given to recipients of the highest military and civilian honours for bravery, the Victoria Cross and George Cross, is going to be increased to £10,000 a year.Mr Osborne will also announce that the annual amount given to recipients of the highest military and civilian honours for bravery, the Victoria Cross and George Cross, is going to be increased to £10,000 a year.
Recipients have traditionally received an annuity, which was worth £2,129 last year.Recipients have traditionally received an annuity, which was worth £2,129 last year.
The cost of the annual, tax-free award will be met using £3m in banking fines levied by the Financial Conduct Authority, the chancellor said.The cost of the annual, tax-free award will be met using £3m in banking fines levied by the Financial Conduct Authority, the chancellor said.
The Tories have not yet said where the bulk of the £12bn in welfare savings they have pledged to make will come from.
Tax credits are expected to be in the firing line, with David Cameron having promised to end the "ridiculous merry-go-round" of taxing low earners then handing them money back in benefits.
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.
Follow the Budget on the BBCFollow the Budget on the BBC
On Sunday, Mr Osborne said he had identified where the savings would be found. Presenting his Budget, Mr Osborne will say "the greatest mistake" the UK could make would be to "think all our problems are solved".
Presenting the first all-Conservative Budget since 1996, he will say "the greatest mistake" the UK could make would be to "think all our problems are solved".
"You only have to look at the crisis unfolding in Greece as I speak to realise that if a country's not in control of its borrowing, the borrowing takes control of the country," he will say."You only have to look at the crisis unfolding in Greece as I speak to realise that if a country's not in control of its borrowing, the borrowing takes control of the country," he will say.
Labour's acting leader Harriet Harman said the economy needed to be strengthened "but not at the expense of people being made worse off".Labour's acting leader Harriet Harman said the economy needed to be strengthened "but not at the expense of people being made worse off".
She added: "The Conservatives should be thinking about the economy as a whole, and every corner of the country, not the Tory backbenchers and their fortunes.She added: "The Conservatives should be thinking about the economy as a whole, and every corner of the country, not the Tory backbenchers and their fortunes.
"We don't want to see political tactics; we want a focus on making the economy work for everyone.""We don't want to see political tactics; we want a focus on making the economy work for everyone."