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How to save £50 billion: Reducing spending for sustainable public finances

The Taxpayers' Alliance and the Institute of Directors in a new report "How to save £50 billion: Reducing spending for sustainable public finances" have suggested abolishing child benefit and freezing all pensions for a year as part of measures to solve the current financial crisis.

The report suggests that by the year 2011-2012 annual savings will be £50 billion a year.

Proposals include:

• abolishing sure start
• abolishing the education maintenance allowance
• One year freeze of the basic state pension and the minimum income guarantee
• abolishing child benefit and the child trust fund, and increasing the child element of the child tax credit to address child poverty concerns
• tapering away the family element of the child tax credit at 39 per cent immediately upon exhaustion of the child element of the child tax credit
• targeting spending on free bus passes for the elderly and disabled on those who genuinely need it
• abolishing free TV licences
• abolishing interest subsidy to student loans

You can download the full report from the Institute of Directors website.

More information

• institute of directors website

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