Spending Review: What you need to know

George Osborne delivered his much awaited Spending Review to a raucous House of Commons today.

Tomorrow's headlines will probably be dominated by the announcement the State pension age will reach 66 by 2020, six years earlier than the previous Government's targeted date, although Labour had pledged the retirement age would go on to reach 68 by 2046. The move is part of a drive for the Department of Work & Pensions to save £5bn per year by the end of the next parliament. Osborne justified the starkness of the Spending Review, arguing that it was necessary to bring the UK economy "back from the brink". The Chancellor said he was aiming to completely pay down the structural def...