Jeremy Hunt painted a gloomy picture of recession and falling living standards as he announced a £55 billion combination of tax rises and spending cuts to stabilise the public finances.

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The government’s independent forecaster, the Office for Budget Responsibility, says that disposable household incomes will fall by 7% over the next two years, the biggest drop in living standards on record.

Most of the spending cuts are delayed for two years until after the next general election.
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