CHANCELLOR George Osborne has targeted £7billion of welfare benefits cuts in the biggest spending cuts since 1945.

He has raised the pension age to 66 by 2020, while savings will be made in incapacity benefit, tax credits and housing benefit.

Details of a new bank levy will be revealed tomorrow (Thursday)

Follow live updates from the Treasury, have your say on the Comprehensive Spending Review announcements and view the official documents.

Spending Review - official Treasury documents