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IFS: Autumn Statement means 'colossal cuts'

Yesterday's Autumn Statement means the UK is set for "cuts on a colossal scale", according to the Institute for Fiscal Studies.

George Osborne earlier condemned "hyperbolic" coverage of his spending plans.

Public spending is likely to fall to its lowest level since the 1930s during the next Parliament, according to new analysis from the Office for Budget Responsibility.

However, Osborne said warnings over the cuts were "nonsense" - particularly targeting the BBC for criticism over its coverage.

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Osborne: Britain's deficit has been cut in half

George Osborne has said that Britain's deficit has been halved and the country would achieve a budget surplus of £23 million by 2019/20.

But Osborne acknowledged that borrowing was estimated be £91.3 billion this year - rather than the £86.4 billion the Office for Budget Responsibility previously expected.

Mr Osborne unveiled the following borrowing predictions:

  • 2014: £91.3 billion
  • 2015: £75.9 billion
  • 2016: £40.9 billion
  • 2017: £14.5 billion
  • 2018/19: Surplus of £4 billion

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