Autumn Statement: Labour's Rachel Reeves responds

The sale of the 4G mobile phone licence spectrum, which may not be completed by the end of the financial year, was the only way the chancellor could claim the UK deficit was falling, claimed Labour's Rachel Reeves.

The shadow chief secretary to the Treasury said the economy would shrink this year, and that jobs and growth were needed to get the deficit down.

She was talking to the BBC's Andrew Neil after George Osborne's Autumn Statement to Parliament, where she refused to be drawn on how she would vote on plans to increase benefits by 1%.

In depth: Autumn Statement 2012