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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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Vince Cable: Taxes will go up whoever is in government

The Business Secretary has said that taxes must rise to help cut the deficit, whoever is in government after 2015.

Vince Cable claimed the Conservatives' plans to reduce the deficit primarily through spending cuts were "implausible".

I think the plans that he's set out are actually implausible, I don't think they can be realised...whatever government comes in, even a Conservative government, is going to have to increase taxes, for example.

There is going to have to be a better balance, but let's discuss the options and let's have set out before the public and Parliament what the different possibilities are.

– Vince Cable

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