"The scale and seriousness of the situation that we have inherited cannot be underestimated... Any responsible chancellor would take action. That is why today I am restoring stability to our public finances and rebuilding our public services."
"That will provide a tougher constraint on day-to-day spending, so difficult decisions cannot be delayed or deferred," she said.
"The last government to raise taxes by an equivalent amount was in 1993, when Conservative Norman Lamont was chancellor."
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