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Tories may scrap tax credits for £50,000 households

The Conservatives may scrap tax credit payments to middle-income households in a bid to reduce Government spending.

Outlining his planned public spending cuts this weekend, Tory leader David Cameron said he will be reviewing tax credits for those families who earn £50,000 or more.

He also said the party’s plans to lift millions of people out of inheritance tax could be delayed until five years after the Conservatives get into power due to the credit crunch.

Raising the inheritance tax threshold has been a flagship Tory policy since it was announced nearly two years ago but Cameron would only commit to reforming it within five years.

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