“It’s exactly the kind of something-for-nothing economics that frankly got us into this mess in the first place”

Business quote of the day.

“It’s exactly the kind of something-for-nothing economics that frankly got us into this mess in the first place”

George Osborne tells BBC News today he will reject calls to spend more to boost the British economy, despite threats of a UK downgrade and criticism that his Autumn Statement yesterday will hit the poorest hardest. Osborne was forced yesterday to admit he missed his own target for reducing national debt , and has extended the austerity plans for another three years.

George Osborne masks on sale. Photograph: Getty Images

Helen Roxburgh is the online editor of Economia

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Police shoot man in parliament

A man carrying what appeared to be a knife was shot by armed police after entering the parliamentary estate. 

From the window of the parliamentary Press Gallery, I have just seen police shoot a man who charged at officers while carrying what appeared to be a knife. A large crowd was seen fleeing from the man before he entered the parliamentary estate.

After several officers evaded him he was swiftly shot by armed police.

Ministers have been evacuated and journalists ordered to remain at their desks. 

More follows. Read Julia Rampen's news story here.

Armed police at the cordon outside Parliament on Wednesday afternoon. Photo: Getty

George Eaton is political editor of the New Statesman.