Today, UK's foremost tax and spending experts sounded warnings that a fresh 13 Billion Pounds squeeze is needed in the next Parliament in order to effectively repair the damages that have been done to the public finances by one of the worst global recessions ever.

As has been stressed by the Institute for Fiscal Studies, more cuts in spending and increases in taxes would be needed in addition to the 57 Billion Pounds tightening that has already been planned for the next parliament, and the effect would be even more intense if the economy does not improve and continues to struggle.

In a report which was commissioned and prepared by the IFS in association with Capital and Barclays Wealth, the institute revealed that the cuts and restraints on public spending which are already in the pipeline are the "toughest since the four years after 1976".

"Tightening is more a marathon than a sprint. It is more important to show that you can last the course rather than be leading off the first bend", said Robert Chote, the IFS Director.