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Spending Review: 2.6 million families 'will be £1,600 a year worse off' after benefit changes

Up to 2.6 million working families could be an average of £1,600 worse off a year as a result of benefit changes announced in Chancellor George Osborne's Spending Review, according to independent economic experts.

Despite Mr Osborne's decision to scrap proposed cuts to tax credits due to come in next April, the Institute of Fiscal Studies says the introduction of the new Universal Credit, which consolidates a number of existing benefits, will result in the cut in cash for affected households.

The IFS also says Mr Osborne was "lucky" to receive a £27 billion windfall which allowed him to perform his U-turn on tax credits, adding the Chancellor will "need his luck to hold out" if he is to meet his target of a surplus by 2019/20 without raising taxes or imposing further spending reductions.

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Spending Review: No avoiding huge cuts, council warn

Local councils are warning that huge cuts to their budgets will leave them with no choice but to make swingeing cuts to the services they offer - despite being given greater fundraising powers by the Chancellor.

George Osborne argues that, despite the reductions in their budgets, local authorities can now keep money from business rates, sell off property to raise cash and hike council tax to boost adult social care.

ITV News Political Correspondent Romilly Weeks went to Oxfordshire County Council - recently berated by David Cameron for cuts to its services - to see the impact today's Spending Review had on them:

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