WORKING tenants in social housing will receive “little or no direct benefit” from the 1 per cent annual rent cuts promised by George Osborne, according to a report published yesterday.

The Chancellor will gain more from the rent reduction over the next four years than council or housing association (HA) renters, as lower housing benefit payments for full and partial claims would save the Treasury £1.7 billion.

In comparison, only a third of all 3.9 million households in social housing would enjoy a collective £700 million increase in disposable income — according to the Institute for Fiscal Studies (IFS) report.