Autumn Statement 2015: who will win and who will lose?

Unchanged Universal Credit will reduce 'long-term generosity' of benefits, but poorer families are more protected

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Chancellor George Osborne was forced to climbdown on tax credit cuts last year
(Image credit: Jack Hill - WPA Pool/Getty Images)

George Osborne's Autumn Statement, released on Wednesday, was widely hailed as a 'U-turn' that signals the end of austerity as we know it.

In his spending review and statement, the chancellor reversed the £4bn cuts to tax credits, offered billions of pounds' worth of incentives for those looking to buy a home and boosted pensioner income to a 15-year high, all without compromising on an eventual budget surplus by the end of this parliament of around £10bn.

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