Osborne: £25bn of cuts to come

<p>Chancellor George Osborne has laid out his vision for 2014 and beyond.</p>

Chancellor of the exchequer George Osborne has stated that he is aiming to make a further £25 billion in spending cuts after the next general election.

Laying out his vision for 2014 and beyond, the chancellor explained that austerity in the UK is here to stay and noted the job was "not even half done".

Welfare will again bear the brunt of much of the savings the chancellor wants to make, with housing benefit for under-25s to be cut, as well as council housing for those earning over £65,000 a year being restricted.

Mr Osborne said: "We've got to make more cuts. That's why 2014 is the year of hard truths – the year when Britain faces a choice."

However, deputy prime minister Nick Clegg stated that targeting the working age poor was "extreme … unrealistic and unfair", indicating the Liberal Democrats and Conservatives will move further apart on their plans for the economy by the next election.

The general election is scheduled to take place in 2015, with the coalition government set to remain in government until then.

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