Chancellor outlines plans for fresh round of £10bn of welfare cuts, saying economy is 'healing' more slowly than expected
George Osborne has signalled that austerity may need to continue until 2018 as he prepares to tell the Conservative party conference "the road is longer than anyone had hoped".
The chancellor outlined plans for a fresh round of £10bn of welfare cuts in 2015-16, saying: "You can't just balance the budget on the wallet of the rich".
But the chancellor admitted the economy was "healing" more slowly than expected, and said his message to the conference was "we have got to finish the job" as he outlined further cuts in welfare spending.
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