2018? 2020? Either way, the pain decade...

BBC News - UK 'could face austerity until 2018': "The chancellor may have to extend the squeeze on public spending until 2018 if the recent deterioration in growth prospects and tax receipts turns out to be permanent, a think tank has said.

The Institute for Fiscal Studies said George Osborne may have to find another £11bn from tax rises or spending cuts if the economy does not pick up.

This is on top of £8bn of cuts already mooted in the Budget."

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