1. ITV Report

UK could face more cuts and tax rises even after next election

Chancellor of the Exchequer George Osborne in 2011. Photo: PA Wire

Britain could face more cuts and further tax rises, even after the next general election, the Institute for Fiscal Studies warned today.

The IFS said that the government would need to find an extra £27 billion, if it were to meet the targets set by Chancellor George Osborne in yesterday's Autumn statement.

The independent think-tank also said it was "close to inconceivable" that further tax hikes and benefit cuts could be avoided, after forecasts in yesterday's mini-budget that sluggish growth will leave the economy 3.6% smaller in 2016-17 than was expected just nine months ago.

ITV News' Political Editor Tom Bradby reports: