BBC News - George Osborne promises spending cuts plan next week
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Liberal Democrat David Laws, the chief secretary to the Treasury, said the task ahead was "colossal" and that Labour had left the public finances in an "unacceptable" state.
The reductions would amount to about 1% of government spending, he added.
Mr Laws said his predecessor, Liam Byrne, had left him a letter saying simply: "Dear chief secretary, There's no money left."
The reductions would amount to about 1% of government spending, he added.
Mr Laws said his predecessor, Liam Byrne, had left him a letter saying simply: "Dear chief secretary, There's no money left."
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