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Political correspondent Chris Mason summarises why the chancellor is chose to warn that further cuts of 拢25bn will be needed after the next election in 2015.

George Osborne said the economy was far from fixed and spoke of a "year of hard truths" ahead. He suggested savings could be made by cutting housing benefit for under-25s and restricting council housing for those earning over 拢65,000 a year. But Labour says the chancellor should admit his policies have failed.