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A new report from the Office for Budget Responsibility reveals that a record 2.7m people were put off from starting a household following the decision to lower tax credits from £1,050 to £725.
The figures are based on a survey of households that were put off from taking steps such as buying a fridge, TV and heater by the government’s changes to welfare. The OBR said that, before the welfare changes, people were at a “low-risk” stage of starting a family.
The biggest fall has been amongst children and teenagers, with 946,000 people put off by the welfare changes. That means that a further 924,000 have lost their chance of having a third-generation family, which is a drop of almost 3.3m, according to the report.
The OBR estimated that the cost of the tax credits cuts would mean that families that receive the lowest income from Universal Credit would lose their chances of having a third-generation family.
The OBR said that there were concerns over the impact the welfare changes might have on lone parents. They warn that the cuts could mean that, in order for them to secure a third-generation family, they might only have one child.
The numbers are much worse across the board, however, with families whose parents don’t work losing half of a third of their chance of having a third-generation family over the following five years.
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