Chancellor Osborne promises a further £25bn of cuts, half of which will come from welfare

SOURCE GUARDIAN: Cabinet split over George Osborne's plan for £12bn more welfare cuts
Work and Pensions secretary Iain Duncan Smith is alarmed at the chancellor's approach to social security reform, while deputy prime minister Nick Clegg warns of a 'monumental mistake.' As the debate intensified, Robert Chote, head of the Office for Budget Responsibility, confirmed that Osborne's plans would mean hitting the sick and disabled. Clegg criticised Osborne for ruling out a tax rise and even countenancing a tax cut for high earners, later adding: "I literally don't know of a serious economist who believes that you only do it from that lopsided, unbalanced approach. Almost all serious economists say you have some kind of mix."

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