1. Nick Powell

Extra cuts will cost Wales tens of millions says Finance Minister.

Finance Minister Jane Hutt says she expects to have to save "tens of millions" from this year's Welsh Government budget as a result of spending cuts announced today by the Chancellor, George Osborne.

Whitehall departments were asked to identify further savings after the election and today the Chancellor said they would total £3 billion. He's also raising another £1.5 billion by selling the government's remaining shares in Royal Mail. Some of the Whitehall cuts will produce so-called "Barnett consequentials", which will reduce the Welsh Budget.

The exact amount will be spelt out in a letter from the Chief Secretary to the Treasury to the Welsh Finance Minister. Treasury sources won't say what indicative figures have been given to the Welsh Government but the First Minister has tweeted a figure of £84 million.

ITV News understands that the Welsh Government will be given the alternative of deferring the savings until next year. Tonight the Welsh Secretary, Stephen Crabb, defended the cuts as both fair and necessary.

The reality is we need to keep on making tough decisions to get the public finances back on track and secure the economic recovery. Whitehall departments have shown that by being more efficient, they can deliver more for less. This settlement is fair and allows us to keep up the momentum on sustained growth across Wales.

– Welsh Secretary Stephen Crabb MP