Conservative Party annual conference 2015

It seems the Lords did us all a greater service than we knew

George Osborne has abandoned his plan to cut tax credits, meaning the Lords’ decision to block him has saved working families an average of £1,300 per year.

He adopted a nonchalant attitude in Parliament when he made the announcement, claiming that they are being phased out anyway – with the introduction of Universal Credit.

The Welfare Cap will be breached as a result, but he reckons it will be met in the later years of the current Parliament.

Can anyone spot the fly in this ointment?

It’s Universal Credit.

The introduction of this system has been extremely troubled and it remains unfit for purpose. By tying tax credits to the introduction of UC, Osborne is making a huge gamble – not least because he is relying on his rival Iain Duncan Smith.

We’ve had one major U-turn today; it seems we can look forward to another U-turn in the years to come.

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