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There is no gain without pain

Rowena Crawford and Gemma Tetlow
Newspaper article

To fill the fiscal hole, the next government will have to raise taxes, cut benefits or slash some budgets by as much as 25%.

The December 2009 Pre-Budget Report estimates that the recession and financial crisis have punched a permanent £73bn hole in the public finances. As part of the eight-year repair job currently planned by Labour, cuts to public spending will fill £32bn of this hole by 2014/15. In large part this will be achieved by freezing total public spending in real terms from April 2011 for four years.