UK´s Spending Review: Osborne cuts £7bn from welfare, permanent bank levy

Discussion in 'Economics' started by ASusilovic, Oct 20, 2010.

  1. 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.

    Bye, bye London as capital of the "financial sector"