Labour: Osborne should admit his policies have failed

George Osborne should admit his policies have failed and led to a cost-of-living crisis.

While millions of ordinary working people are worse off under the Tories, he and David Cameron are paving the way for yet another top rate tax cut for millionaires.

The reason more spending cuts are needed after 2015 is because his failure on growth and living standards since 2010 has led to his failure to balance the books.

– Chris Leslie, Shadow chief secretary to the Treasury

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Clegg: Osborne's spending cuts plan a 'monumental mistake'

Benefits for young people are to be targeted by the Chancellor as he seeks to cut £25bn from public spending, including £12bn from welfare. But Nick Clegg said it was a "monumental mistake" to make the working-age poor bear the brunt of the cuts.