George Osborne rejects OBR forecast of 'much sharper squeeze on spending'

Chancellor dismisses Office for Budget Responsibility's assessment that he is planning deeper cuts in the next parliament

George Osborne has rejected the Office for Budget Responsibility's assessment that there will be a rollercoaster of deep cuts in the next parliament but refused to spell out what his plans would actually look like.

The chancellor dismissed an assessment by the independent watchdog, which found there would be a "much sharper squeeze on real spending in 2016-17 and 2017-18 than anything seen over the past five years" followed by a big increase in spending after that.