Benefits rises to be capped at 1%

Annual rises in most working-age benefits are to be capped at 1% in the coming years, cutting a further £3.7 billion from the welfare bill, Chancellor George Osborne has announced.

The move means that upratings are likely to be below inflation in future years, gradually reducing the real value of benefits over time and breaking the link which has previously seen them rise in line with prices.
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