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"People affected by the child benefit cuts have probably not considered what the true cost will be to them"

Business quote of the day.

The government plans to withdraw universal child benefit. Photograph: Getty Images

"Many people affected by the child benefit cuts have probably not considered what the true cost will be to them over time"

Alex Henderson, tax partner at PricewaterhouseCoopers. The accountancy giant is warning that some families may lose as much as £50,000 over the next 16 years due to changes in child benefit. The coalition government is planning to withdraw or cut altogether child benefit from families where an adult earns more than £50,000 a year from January.