Experts have demolished George Osborne's spending review after just 24 hours - revealing it will leave 2.6million families worse off by £1,600 a year.

Findings by the respected Institute for Fiscal Studies mocked the Chancellor after he U-turned on tax credits thanks to a £27bn windfall.

But the down-the-back-of-the-sofa money hasn't stopped him leaving families just as badly off by 2020.

His U-turn will make 'no difference in the long run', the IFS warned - because cuts will simply be passed on to the new welfare system Universal Credit.

It comes after the Resolution Foundation warned some families could still lose £3,000 a year.

Recap key points below or see 9 ways experts have humiliated the Chancellor.