Published at 09:27, Wednesday, 05 December 2012

George Osborne will warn there are no “miracle cures” for Britain’s problems today as he admits more drastic action is needed to balance the Government’s books.

In a bleak mini-budget, the Chancellor is to confirm that Whitehall departments are being ordered to find further cuts to fund £5 billion of projects designed to kick-start the economy.

He is also widely expected to concede that sluggish growth means it will take longer to tackle the deficit and a key coalition target to have public sector debt falling by 2015-16 may be missed.

Delivering his crucial Autumn statement this afternoon, Mr Osborne will argue that he is “confronting the country’s problems, instead of ducking them”.

He is expected to unveil a £154 million blitz on big-name global companies and wealthy individuals - and deliver equally bleak news for benefit claimants.

You can find out what he does say - and what measures he is putting into place - with our live coverage of his statement.

He is due to start his speech in Parliament at 12.30pm. 

Published by http://www.newsandstar.co.uk