Budget: So now we know
This is what George Osborne meant when he spoke of "the age of austerity".
A VAT rise, benefits cuts for all and most controversially for the disabled, a public-sector pay freeze and cuts in most government department's budgets of about a quarter. A package which raises £40bn more in tax rises and spending cuts than planned by the last government.
Off-setting the pain for some - a rise in the personal tax allowance, re-linking the state pension to earnings and a £2bn boost in tax credits for the poorest families. All groups will, however, be worse off.
This is a massive gamble economically and politically.
Will the economic benefit of reassuring the markets and lower interest rates be offset by a slowdown in economic growth or, worse still, a double-dip recession ?
Will the public accept the chancellor's insistence that this package was "unavoidable" and "fair"?
Can the coalition survive the battering which it - and, in particular, the Liberal Democrats - are sure now to suffer?