Chancellor targets bills as Labour fear benefit cuts2nd December 2015
Chancellor, George Osborne plans to reduce household bills such as water, banking, broadband, legal services, medicines, dental treatment, school uniforms, energy and car insurance, The Guardian reports.
In total, they estimate the package of measures could help people save about £470. The measures include working towards competition in the water industry by the end of this parliament so customers can switch supplier, encouraging clearer pricing for broadband deals and dental treatment, and trying to end the practice of mobile phone suppliers locking handsets at the end of contracts.
Osborne alongside Business Secretary Sajid Javid are seeking to devise a plan to help people with their finances in their every day household activities.
There are 2.6 million working families who stand to lose an average £1,600 as a result of benefit changes due to come into force under universal credit, while 1.9 million would be £1,400 better off, the IFS noted.
It stressed that no family will take an immediate cash hit, but the “long-term generosity of the welfare system will be cut just as much as was ever intended, as new claimants will receive significantly lower benefits than they would have done before the July changes.”