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Labour backbenchers reported to be set for first victory

UK FISCAL
  • Beth Rigby (Sky News Political Editor) on X has stated that she has heard from (non-governmental) sources in the PLP (the "Parliamentary Labour Party" backbenchers - equivalent to the Conservatives 1922 Committee) that the government will announce a taskforce on the removal of the 2 child cap for child benefit. Full tweet here.
  • This has been discussed for some time and did not make it into today's King's Speech (despite some speculation that it might). There has also been speculation recently of amendments to the King's Speech to add something on child benefit in.
  • The IFS estimated last month that it would cost around GBP3.4bln per year, equivalent to around 3% of the working age benefits budget, the same cost as freezing duel duty by the end of the parliament or a 0.5ppt cut in the basic rate of income tax (see here).
  • This would be the first major victory for the PLP in this parliament and if enacted does show that despite the large majority obtained that the centre left Labour government can still be swayed by the more left-leaning PLP.
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