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Almost £14bn has been lost though overpayments, fraud and error in tax credits since their introduction in 2003, analysis by the Liberal Democrats has revealed. Tax Credits fraud and error statistics released last week show that over £4bn was lost in the last two years, taking the total lost through overpayments, fraud and error to £14bn. Liberal Democrat Shadow Work and Pensions Secretary, Jenny Willott, MP for Cardiff Central, said: 'The tax credits system is so complex that it is abused by fraudsters, misunderstood by claimants and mismanaged by officials. 'The amount lost through overpayments, fraud and error is now ...