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

Business quote of the day.

"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.

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

Helen Roxburgh is the online editor of Economia

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Police shoot man in parliament

A man carrying what appeared to be a knife was shot by armed police after entering the parliamentary estate. 

From the window of the parliamentary Press Gallery, I have just seen police shoot a man who charged at officers while carrying what appeared to be a knife. A large crowd was seen fleeing from the man before he entered the parliamentary estate.

After several officers evaded him he was swiftly shot by armed police.

Ministers have been evacuated and journalists ordered to remain at their desks. 

More follows. Read Julia Rampen's news story here.

Armed police at the cordon outside Parliament on Wednesday afternoon. Photo: Getty

George Eaton is political editor of the New Statesman.