United Kingdom

In the United Kingdom, the unelected House of Lords, Parliament’s upper house, delays by three years reductions in tax credits paid to working people that would have cost affected families an average of £1,300 ($2,000) a year. This is the first major setback for George Osborne, Chancellor of the Exchequer, since the general election. Osborne said the government will "lessen" the impact of tax credit cuts for those affected, while vowing to press on with changes designed to save billions from welfare.

Sources:  BBC  Bloomberg