Osborne says that government's biggest saving is just £6bn, on the debt Labour budgeted for

Revealing budgets for 2015-16, chancellor George Osborne has said that the biggest saving achieved is the £6bn in debt that the opposition had budgeted for.

He says that government spending - measured by total managed expenditure - will hit £745bn. Osborne says that would be £120bn higher if it rose in line with the 30 year average. Labour spent £669bn in their last year by that measure.

Over at the Touchstone blog, TUC economist Duncan Weldon points out that the targets Osborne intended to hit versus the economic reality he now faces are quite different.