Budget 2015: The £12billion question – where will the next cuts come from?

‘George Osborne’s claim that households are already £900 a year better off than when the Coalition came to power has been called into question by independent experts.

The respected Institute for Fiscal Studies (IFS) admitted that average household incomes are finally rising and will probably be higher this year than they were in 2010. But it dampened the Chancellor’s hopes of generating a pre-election “feelgood factor” by warning: “Having household incomes crawl back above pre-recession levels six or seven years after the recession hit is no cause for celebration.”

At the same time, politicians came under pressure to spell out in detail how they would achieve about £30bn of spending cuts by 2018. All parties were accused of deliberately keeping voters in the dark and focusing on their spending proposals rather than cuts.’

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