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Very significant UK spending cuts to come, think tank warns
"Very significant" government spending cuts will still be imposed before the next general election, an influential think tank has warned. Paul Johnson, director of the Institute for Fiscal Studies, said that George Osborne's Spending Review on Wednesday was "not the end of austerity". "This Spending Review is still one of the tightest in post-war history," he said. The chancellor surprised many by axing planned changes to tax credits. Mr Osborne said the Spending Review was not an end to "difficult decisions", but that higher than expected tax receipts and better public finances had provided some room to manoeuvre. ... (full story)