TAILIEUCHUNG - Universal Credit: A Preliminary Analysis IFS Briefing Note 116

Our study of credit experience is necessarily based on cer- tain arbitrary assumptions. In the first place we have assumed that all loans can be divided into two mutually exclusive classes, one consisting of good loans with which the bank had no special collection difficulty, and one of bad loans which gave rise to one or more of the following collection prob- lems: the bank collected from a comaker; the bank took legal action; the loan was excessively delinquent;2 the bank charged off the loan. | 11 Institute for Fiscal Studies Universal Credit A Preliminary Analysis IFS Briefing Note 116 Mike Brewer James Browne Wenchao Jin E-S-R-C ECONOMIC _soc I A L COUNCIL Universal Credit a preliminary analysis1 Mike Brewer James Browne and Wenchao Jin Institute for Fiscal Studies Executive summary The government plans to redesign entirely the system of means-tested benefits and tax credits for working-age adults by replacing them all with a single benefit known as Universal Credit to be administered by the Department for Work and Pensions. This Briefing Note analyses Universal Credit as set out in the government s White Paper Universal Credit Welfare that Works. A Welfare Reform Bill is due to be published later in January 2011 and this should contain more details of how Universal Credit will operate. The government hopes Universal Credit will simplify the benefit system and strengthen financial incentives to work. IFS researchers have long argued for a simpler more integrated benefit and tax credit system to make life easier for claimants make the gains to work more transparent and reduce money wasted on administration and lost to fraud and error. This note concentrates on the way that Universal Credit will affect household incomes and financial work incentives. What is Universal Credit and what is it replacing Universal Credit will entirely replace the system of means-tested benefits and tax credits for working-age adults including Income Support income-related Jobseeker s Allowance and Employment and Support Allowance Working Tax Credit Child Tax Credit and Housing Benefit. 1 This research was funded by the ESRC Centre for the Microeconomic Analysis of Public Policy at IFS RES-544-28-5001 . The Family Resources Survey was collected by the Department for Work and Pensions and made available through the Economic and Social Data Service ESDS which bears no responsibility for the interpretation of the data in this Briefing Note. Crown copyright material is .

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