Cameron: Coalition has cut deficit by a third

Accused of missing the coalition's target of balancing the books by 2015, the Prime Minister countered: "We have cut the deficit by a third, we will have cut it more by the next election."

He added: "Why, if borrowing is the problem, is the Labour policy to put it up?"

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Osborne curbs welfare benefits

The newly unemployed will have to wait at least seven days before they are able to sign on, under a series of changes to welfare benefits announced by the Chancellor. A new welfare cap will be set from 2015 and OAP expats face losing fuel payments.