Coalition welfare reforms have delivered only £2.5bn real terms savings out of planned £20bn cuts to the benefits bill over the current parliament, public finance experts have calculated.

Figures issued today by authoritative think-tank the Institute for Fiscal Studies (IFS) indicated ministers have failed to deliver significant welfare cutbacks.

Real terms spending on welfare will be only £2.5bn lower in 2014/15 than it was in 2010/11, the IFS has estimated, having analysed the Department for Work and Pensions figures for benefit expenditure.