Child benefit cuts to cost £50,000

The coalition’s cuts to child benefit could cost some families up to £50,000 according to a PwC report published this morning. A two-parent family with three children aged under six would lose this amount by the time their youngest is 18, assuming one parent is earning £60,000 or more. A family in the same situation but with two children would lose out on £38,948, the study said. Its calculations assume that child benefit increases in line with inflation.