By Matthew Hynds
So, the proposed cuts to the Personal Independence Payments, as laid out in the chancellor’s budget just a few days ago, have been dropped. This tyre-smoking u-turn is even more dramatic than last year’s, when Osborne ditched his planned cuts to tax credits. On that occasion, he was able to use a £27 billion windfall to the treasury as the means of paying for it, and to afford him some dignity in retreat. This was the result of higher-than-expected tax revenues, and lower interest rates on government debt.
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