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.
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Details of the In/Out referendum will be presented to Parliament in a Bill this morning.