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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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Ed Balls: We'll cut the deficit, but make different choices

Ed Balls speaking earlier today.

Shadow Chancellor Ed Balls has insisted Labour will cut spending to help get rid of the budget deficit, but will do so in a fairer way than the Conservatives.

He told ITV News:

The next Labour government will cut spending to get the deficit down, will get the budget balanced and into surplus as soon as possible in the next Parliament and the national debt falling but we'll make different choices from George Osborne to do things in a fairer way. We will reverse the top rate tax cut and we will have to take the Winter [Fuel] Allowance away from the richest pensioners.

– Ed Balls

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