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    Consumers to foot the bill for Mr Osborne's 'lost' £12bn

    Households face a new round of tax rises or welfare cuts after the election to fill a £12 billion hole in the Chancellor's austerity plans, a leading think-tank has warned.

    The Institute for Fiscal Studies questioned the credibility of George Osborne's tax and spending plans yesterday, suggesting that he would have difficulty making his sums add up.

    The Chancellor is relying on "uncertain revenues" from a crackdown on tax avoidance and increase in the bank levy to fund a series of giveaways, the IFS said. Mr Osborne denied accusations yesterday that he was inflating the property market and using a debt-fuelled consumer boom to refloat the economy, saying that his plan is working

    Full story The Times

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