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Political correspondent Chris Mason summarises why the chancellor is chose to warn that further cuts of £25bn will be needed after the next election in 2015. George Osborne said the economy was far from fixed and spoke of a "year of hard truths" ahead. He suggested savings could be made by cutting housing benefit for under-25s and restricting council housing for those earning over £65,000 a year. But Labour says the chancellor should admit his policies have failed.