Chancellor of the Exchequer, George Osborne , has unveiled billion pound cuts in his spending review , but what does this mean for you?

The Chancellor once again referred to the letter ex-Cabinet minister Liam Byrne left behind as a joke to his Tory successor in 2010 as he taunted Labour in the Commons.

"Economic and national security provide the foundations for everything we want to support," he said.

"Five years ago when I presented our first spending review the economy was in crisis and as their letter said, there was no money left."

We've put together the top five ways the spending cuts could affect you, both good and bad

Working families on tax credits

The big announcement of the day was that George Osborne backed down on controversial tax credit cuts, which were due to reportedly cost millions or working families thousands each year.

The chancellor said he was “smoothing” the cuts by scrapping the changes and instead waiting for the new system of Universal Credit.

George Osborne said: “The tax credit taper rate and threshold remain unchanged.”

Tampon tax controversy

George Osborne controversially made no amendments to the tampon tax VAT on female sanitary products, with campaigners against the tax criticising the Chancellor's move that seems to be an attempt to justify the tax rather than scrapping it, with the money raised reportedly being donated to women's causes.

Pensioners pay rise

Pensioners will get a pay rise after Osborne said the basic state pension will rise to £119.30 a week from April 2016.

The flat rate state pension, which comes in next April, will reportedly be set at £155 a week.

Poorer parents

The government has tightened the rules on free childcare, meaning that it will only be available to parents working more than 16 hours a week and earning less than £100,000.

Osborne's tax credits U turn doesn't include the limit on child tax credits, so families with more than two children will still lose money.

Part-time students and first time buyers

A big part of the Autumn Statement was Osborne's announcement the part-time students will be able to receive maintenance loans to help with living costs for the first time. Further education students and postgraduate students will also be able to get tuition fee loans.

Osborne will have angered many students though, announcing that he is sticking with his plan to abolish student grants.

Good news for first time buyers in London, with the announcement of a London Help to Buy scheme to help new buyers cope with the all-time high house prices in the capital.

Buyers with a 5% deposit will reportedly be able to get a loan to cover up to 40% of the property value interest fee.

This is still a loan though, so London's first-time buyers will still likely be shouldering hundreds of thousands of pounds of debt.