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A further £20billion of Tory cuts will be unveiled on November 25, Chancellor George Osborne announced last night.

His next spending review will slash almost every Government department.

Only the NHS, schools, defence and foreign aid will be protected. Mr Osborne will also order department chiefs to draw up lists of land and assets to be sold for housing.

In a joint statement with Treasury Minister Greg Hands, Mr Osborne will today admit that despite being Chancellor for more than five years he has failed to close the huge budget deficit.

”We are still borrowing £1 for every £10 we spend, and national debt remains at its highest for 50 years,” the two Tories will say.

“If we do not deal with this debt, we run risks with our economic security.”

They announced the drastic action as the Government’s own figures showed more than 330,000 children will be hit by Tory plans to slash the benefit cap from £26,000. Mr Osborne plans to pick the pockets of the worst-off families by another £63 a week.

The revelations came as dozens of Labour MPs defied their acting leader to try and block Conservative welfare cuts.

Harriet Harman had urged MPs not to oppose the latest social security assault in a bid to show Labour had “listened” to voters’ devastating election verdict.

Figures slipped out as MPs debated the Conservatives’ Welfare Reform and Work Bill showed the huge effect fresh cuts would have on families with the lowest incomes.

As last night’s fiery Commons exchanges got underway , the Department for Work and Pensions quietly published a bombshell document outlining how much the cuts would cost the poorest households.

The Welfare Reform and Work Bill impact assessment revealed that slashing maximum benefits a family can claim would plunder £63 a week from household budgets - £3,276 a year.

Children and single mums will be hit hardest by a new £20,000 limit, £23,000 in London.

The assessment claims the policy will encourage hard-up families into work.

Ms Harman ordered the party not to oppose the cuts to show it was prepared to take difficult decisions.

But with a new party chief due on September 12 she suffered a stinging rebuke as 48 MPs rebelled.

Leadership hopefuls Andy Burnham and Yvette Cooper reluctantly agreed not to defy Ms Harman.