The chancellor news conference has announced a wide range of spending cuts .Mr Osborne confirmed the government’s objective of cutting wasteful spending. He went on to cover 3 principles to help reduce the current budget deficit. The principles were:
- Urgent Action is needed now- UK taking a lead in Europe to reduce debt.
- All in this together- “looking after the most vulnerable”
- Control future spending
Budget for Health, Defence, International Development have been ring fenced in addition to Schools, Sure-start and Support for 16-19 year olds.
Treasury has identified over £6.25 billion of savings.
David Laws confirmed that there were “No easy Choices”.
The Vince Cables, business dept has been asked to reduce spending in 2010/11 by £836 million
Over £1 billion will be saved by cutting outsourced consultancy work.
