Alan Johnson warns against scale of spending cuts plans

Shadow chancellor Alan Johnson has accused the coalition of basing their timetable for spending cuts on the next election rather than on economics.

Mr Johnson, setting out Labour's position ahead of Wednesday's Spending Review, said ministers would be taking a "huge gamble with growth and jobs".

He said Labour would halve, rather than eradicate, the deficit by 2013/14.

In his central London speech he said banks should contribute around £7.5bn to cutting the deficit by 2015.

Hugh Pym reports.