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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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Miliband attacks Government's 'broken promises'

Ed Miliband has accused the Government of going back on its promise to cut the deficit by 2015.

Labour tweeted this image of David Cameron after the Autumn Statement. Credit: Labour

George Osborne admitted that the deficit was not falling as fast as he hoped when announcing his Autumn Statement today, promising to achieve a budget surplus by 2019/20 instead of the original target of 2015.

Ed Miliband said: "David Cameron and George Osborne have now failed every test and broken every promise they made on the economy.

"The Tories promised living standards would rise, but while millionaires have got a huge tax cut working people are £1600 a year worse off."

"We will balance the books in a fairer way and save our National Health Service with a fully-funded long-term plan."

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IFS: Autumn Statement means 'colossal cuts'

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