Tax credits - should Tories dump plans after House of Lords defeat?

A huge bloody nose for the chancellor, George Osborne, last night. In a controversial move peers from the house of lords inflicted a serious blow to the conservative government's tax credit reforms. Tax credits were introduced by the last Labour government to help low-paid families. Under the government's plans, the income threshold for receiving Working Tax Credits and Child Tax Credit is due to be cut from April. Critics say the move could deprive low-income workers of up to £1,300 a year. George Osborne says he will now act on concerns about potential changes but what does that mean? We heard from BBC business and economics editor John Campbell, former Tory cabinet minister Edwina Currie and commentator Brian Pelan