Chancellor George Osborne says the government will not need to raise taxes to meet the deficit reductions after the next election, the BBC reports.
Speaking in front of the Treasury Committee, he said the government would be able to cut borrowing through "spending cuts alone".
Osborne said the original plans to slash the funding blackhole with 80% spending cuts and 20% tax increases were only ever "a guide".
Osborne also speculated that Labour might raise taxes should the party win the next election.
He said: "I'm not sure whether they would do big tax increases. I suspect they would, but that is for them to explain."
The BBC said last month, the Institute for Fiscal Studies suggested the Treasury would have to increase tax raises by £6bn to maintain a 80% to 20% spilt between cuts and tax rises.
However, Osborne told the committee that the coalition had made no agreement on the mix of cuts and taxes after 2015 - 2016.
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