Spending review 2015: time for George Osborne to face tough choices

The UK chancellor has dug a big hole for himself over tax credit cuts with room to manoeuvre limited by the worsening deficit. But he has options

George Osborne is a lucky man. In different circumstances, the headlines in the 10 days before his autumn statement on Wednesday would have been dominated by the mess the chancellor has made for himself over tax credits.

Instead, attention has been on events in Paris rather than London, allowing the chancellor to consider his options. None of them looks particularly attractive, although those already writing Osborne's political obituary should be careful. Chancellors can always conjure up money from somewhere, and this chancellor has time on his side.

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