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Chancellor George Osborne will lay out the case for persevering with the government's austerity drive in a speech in Birmingham later today, in which he will say:
Chancellor George Osborne will brand 2014 the "year of hard truths" in a speech setting out his plans for further austerity measures later today.
The government is still spending too much money servicing its debts, he will argue, despite cutting the deficit by around a third through sweeping cuts to public spending.
He will say: "There’s still a long way to go. We’re borrowing around £100?billion a year — and paying half that money a year in interest just to service our debts. We’ve got to make more cuts."
Mr Osborne will deliver his speech at the premises of a manufacturing company in Birmingham.
Latest ITV News reports
Chancellor George Osborne is striking a remarkably negative note about the economy.