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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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Balls: Labour 'will support stamp duty cut'

Shadow Chancellor Ed Balls has given his support to George Osborne's sweeping cuts to stamp duty because "this is a way in which we can help people on middle and low incomes who are moving homes".

However, he told Good Morning Britain the Conservatives were still not doing enough to help wages rise, leaving everyone worse off and bringing in less tax revenue for the government.

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