Tax credits for 3.7m working families on the chopping block.. sniff sniff ?

Massive Government welfare cuts will be met by removing tax credits from around 3.7million working families under plans being considered by ministers.

George Osborne is understood to be examining a cut to the benefit which could save the Government around £5billion.

It would mean that millions of low-income families would lose out on around £1,400 a year.

The Chancellor announced during the last Parliament that the Government would need to find a further £12billion of cuts to the welfare budget by 2017.

Ahead of the general election, the Conservatives refused to outline how they plan to make the spending reductions.

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So where will the money he is taking from families going to go ?