George Osborne
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George Osborne: I listened to concerns over cuts

"Light at the end of the tunnel" is how the chancellor has described his Spending Review.

George Osborne announced plans to fund a U-turn on tax credit cuts with a £27bn windfall.

He also abandoned plans to cut credits for millions of low-paid workers, because of better-than-expected forecast tax receipts and low debt interest rates.

However, cuts totalling £20bn to Whitehall departments and £12bn to welfare were detailed.

Shadow chancellor John McDonnell said the tax credits reversal was a victory for his party.

  • 26 Nov 2015
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