Owen Smith MP, Labour’s Shadow Work and Pensions Secretary, commenting on the Government’s ‘Help to Save’ announcement, said:

“This is like stealing someone’s car and offering them a lift to the bus stop.

“It is right that there should be incentives to save, that’s why a Labour government introduced the almost identical ‘Saving Gateway’ that the Tories scrapped.

“Universal Credit cuts will take £1,600 a year from over 2 million low and middle paid working families. While new analysis shows that 2.3 million of the 3.1 million families on tax credits will see their in-work support fall as they are moved to Universal Credit. With some families up to £3,000 a year worse off.

“These cuts will mean families are going to struggle to have enough money to make it to the end of the week, let alone save for the future. If the Tories were serious about supporting low and middle paid workers in the Budget they would listen to Labour’s calls to fully reverse the Universal Credit cuts.”