The country has been told to brace itself for tough cuts in a bid to tackle the country’s budget deficit with less than a week before the government announces its Autumn Spending Review.

After holding office as a respected member of the Treasury Select Committee, Michael Fallon MP for Sevenoaks and Swanley is now deputy chairman of the Conservative Party.

Next week’s Spending Review will be discussed this week by him and also how readers will get affected and why is it necessary to cut public spending.

He said that the Labour government had created a gap and which is leading to about £700 billion being spent this year but in taxes only £545 billion being raised.

This can be handled only by borrowing which would add to the national debt. Apart from this an interest would be paid on the borrowing which is currently over £40 billion each year.

He said, “It’s just like your credit card. The longer we leave it, the higher the borrowing, and the more we have to repay. So the coalition government is tackling this at once, by increasing taxes, VAT goes up in January, and by cutting spending.”

Other budgets may be cut by up to 25 per cent over the next four years which means about 6 per cent a year but what matters is that the cuts should be fair and justified.