Chancellor George Osborne has announced the government's four-year Spending Review to Parliament, revealing some of the deepest cuts in public spending in decades. The key announcements: * About 490,000 public sector jobs likely to be lost * Average 19% four-year cut in departmental budgets * Structural deficit to be eliminated by 2015 * £7bn in additional welfare budget cuts * Police funding cut by 4% a year * Retirement age to rise from 65 to 66 by 2020 * NHS budget protected; £2bn extra for social care * Schools budget to rise every year until 2015 * £30bn capital spending on transport * Permanent bank levy Here, department by department, are more details. http://www.bbc.co.uk/news/uk-politics-11569160 Bye, bye London as capital of the "financial sector"