Spending cuts warning to Chancellor

AOL Money Staff
George Osborne
George Osborne

The Government will have to step up the pace of spending cuts significantly after 2015/16 if it is to meet targets for reducing the state deficit, according to new analysis by the Resolution Foundation think-tank.

The think-tank found that delivering current plans would require £10 billion in new tax rises or welfare cuts after 2015 just to maintain the pace of cuts to Whitehall departmental spending.