Chancellor Kwasi Kwarteng will have to find spending cuts of more than £60 billion if he is to meet his target to get the public finances back under control, a leading economic think tank has warned.The Institute for Fiscal Studies (IFS) said it is not possible to deliver cuts on that scale through efficiency savings and "trimming the fat", and that it will require major cuts to public services.At the same time analysts said failure to come up with a credible plan that convinces the markets the

Chancellor Kwasi Kwarteng will have to find spending cuts of more than £60 billion if he is to meet his target to get the public finances back under control, a leading economic think tank has warned.The Institute for Fiscal Studies (IFS) said it is not possible to deliver cuts on that scale through efficiency savings and "trimming the fat", and that it will require major cuts to public services.At the same time analysts said failure to come up with a credible plan that convinces the markets the Government is committed to reducing its debt mountain could result in a worse crisis than 1976, when the Labour government was forced to seek a bailout from the International Monetary Fund.