4. The chancellor's defeat in the Lords over tax credits forces him at the very least to ease the transition towards less generous tax credits for poor working families. Expect the chancellor to phase in his cuts for new claimants over the next three years, borrowing a little more. He is also likely to offset smaller tax credit cuts with other welfare cuts and tax increases.
5. One way of easing the pain in public services is to get the private sector to pay for services. Mr Osborne has already forced companies to pay for apprentices and students to take grants instead of loans for living costs. The Treasury is considering ending grants for trainee nurses. Although user charges are unlikely to be introduced for core frontline services, they are on the rise. Expect more.
6. Privatising assets helps Mr Osborne reduce public debt, often at the cost of lowering government receipts. The chancellor has embarked on the largest privatisation programme since the Thatcher government, seeking to offload the nationalised banks, Channel 4, Urenco, the Royal Mint, the Land Registry and other small government offices. Income-earning assets such as the student loan book are also on the block.
7. Where privatisation is impossible or undesirable, the government is increasingly looking to make publicly owned assets work harder, raising income streams from them to ease spending restraint. Transport for London, for example, has agreed to raise more revenue from its land holdings. The Ministry of Defence, Network Rail and local authorities are also under great pressure to earn more from the land they own.
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8. Part of Mr Osborne's Northern Powerhouse idea is to devolve power over transport, planning, employment, skills and other services from Westminster to large local authorities. These city deals, which have been signed with authorities across England, also allow authorities more control over revenues and to keep the gains from growth. They also allow the chancellor to pass the buck for spending cuts to local politicians.
9. To make the books balance by the end of the decade, Mr Osborne is likely to follow his example in the summer Budget and raise taxes without admitting as much. Core rates of income tax, value added tax and corporate tax are protected, but there are many other sources of revenue. Among tax increases under discussion, low oil prices will put fuel taxes back into the spotlight for the first time in five years and self-employed contractors are likely to face higher income taxes