Chancellor George Osborne has said he will cap the country's welfare budget each year for the next four years from April 2015 - but the state pension will not be included.
Announcing his Comprehensive Spending Review to parliament today, he said he was saving £18bn a year as a result of his changes to the welfare system. Further welfare changes announced today include a seven day wait before those out of work can claim benefits, and a requirement for them to attend a job centre once a week, up from once a fortnight. Claimants will also have to learn English and benefit eligibility will be linked to signing up to a new job search site. "The something for nothing culture of welfare will end," Osborne said. The Chancellor also said he will fund a freez...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes