The work and pensions secretary has attacked the tax credit system put in place by Labour, saying it had resulted in "a sorry story of dependency, wasted taxpayers' money and fraud". Writing in the Daily Telegraph, Iain Duncan Smith said the credits - to top up the incomes of the lower-paid - were "haemorrhaging money". He said fraud and error in the system under Labour had cost £10bn. Labour described the comments as a "cheap political attack". Tax credits are paid based on estimates given by claimants for their income for the year ahead, with HM Revenue & Customs responsible for reclaiming any overpayments at the end of the year....Read more here: BBC News - Duncan Smith condemns tax credits as