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Child poverty rate to hit 30% in Britain after Brexit

The number of children living in poverty in the U.K. will spike to around 30% over the next five years because of government welfare cuts, according to the Institute for Fiscal Studies.

The increase -- from 27.5% in the 2014/15 tax year -- will wipe out reductions in child poverty achieved in the aftermath of the financial crisis.

IFS blamed the increase on tax changes and benefit cuts planned by the current government, which is having to extend a program of austerity because Britain

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