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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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Clegg: Osborne's spending plans are undeliverable

Nick Clegg speaking about the Chancellor's spending plans.

Nick Clegg has attacked the Conservatives' post-2015 spending plans, saying it is "undeliverable" to expect the working poor to shoulder the burden of deficit reduction.

My view is what George Osborne has said for the Conservative party plan if they were in government on their own after next May are undeliverable. It is simply not deliverable, either econmically, socially, politically, in my view, to say that all the cuts, and all the savings in the future...will come from further sacrifices from the working-age poor only.

I think, quite understandably many, many millions of people who are in working-age poverty in this country will say 'well why do we have to pick up the tab for the mistakes made by the bankers?'.

– Nick Clegg

The Deputy Prime Minister said planned spending cuts were "achievable", but that the wealthy should be made to contribute more to deficit reduction.

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