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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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Economists warn stamp duty reform could push up prices

Economists are warning that the Chancellor's surprise reform of stamp duty could push up house prices.

George Osborne is replacing the old system of a few big jumps with gradual, tapered rises. He says that overall 98 per cent of homebuyers will pay less in future.

Business Editor Joel Hills has been finding out how it will work.

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