Universal credit - being introduced by Work and Pensions Secretary Iain Duncan Smith this year - aims to simplify the welfare system by replacing a number of existing working-age benefits, including the income-based jobseeker's allowance, income-related employment support allowance, housing benefit, working tax credit, child tax credit and income support.

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This will be paid to people both in and out of work, replacing child tax credit, working tax credit, housing benefit and income support, among others.

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This included child benefit, working families tax credit and income support, depending on their circumstances, it said.

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At 4.30pm the Work and Pensions Committee quizzes the final witnesses in its inquiry on Universal Credit, the new social security benefit which replaces Jobseeker's Allowance, Income Support, Child Tax Credits, Housing Benefit and other working-age benefits with one single payment.

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And recognising that as the tax credit system became more developed and more generous, we were better able to target resources on low-income households, we increased the Working Tax Credit and the Child Tax Credit as well as Child Benefit.

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For example, family credit, a benefit for low-income working parents, is being replaced by the working-families tax credit, a tax relief.

ECONOMIST: Public spending