Theresa May has promised what neither David Cameron nor Ed Miliband ever did: the end of austerity. But fulfilling this pledge will be much harder than making it.
As if to prove as much, the Work and Pensions Secretary, Esther McVey, conceded on 11 October that “some people” would be “worse off” under Universal Credit, the government’s new social security system. Indeed, even Miss McVey understated matters. Based on current proposals, the majority of Universal Credit claimants will be worse off than they were under the previous benefits system. According to the Resolution Foundation think tank, once the scheme is fully implemented, 3.2 million low-income working households will lose an average of £2,500 a year.
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