Lord Freud released the following statement back in December 2010
“The universal credit will replace benefits, along with child tax credit and working tax credit for working-age households, and the £16,000 savings threshold would extend to all households eligible for universal credit.
We have committed to providing protection to ensure that no households in receipt of the relevant benefits and tax credits at the point of transition will lose in cash terms as a direct result of the introduction of universal credit. New cases or those whose circumstances change will be subject to the £16,000 threshold.”
What are your views on means testing for the Universal Credit? Should there be means testing? Are the means testing levels of savings fair? Does this discourage people from saving?