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UK's welfare system targeted for cuts
Wed, 09 Jun 2010 06:26:48 GMT
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UK Chancellor George Osborne/Photographer: David Jones/PA
UK Chancellor George Osborne discloses that the government has targeted welfare benefits, tax credits and public sector pensions for spending cuts.

It is the first time that Britain's welfare system has been identified for targeted cuts, with Osborne vowing to "comprehensively" scrutinise each area planned for cuts.

Specific cuts will be made to Britain's child benefits, disability payments, and unemployment benefits.

The Treasury, now headed by Danny Alexander after David Laws was forced to resign over an expenses scandal, has outlined plans to "comprehensively examine areas such as social security, tax credits and public service pensions."

Mr. Osborne's announcement was followed by an announcement by Fitch, one of the world's largest credit rating agencies, that spending cuts of £86 billion over the next five years are needed for Britain to maintain its reputation with international investors.

Deemed as "the age of austerity," the planned £6.2bn 'efficiency savings' will cut funding from every government department by between 15 and 20 per cent annually, excluding health and international development, according to Mr. Osborne.

In an attempt to reduce the country's £156 billion deficit, these will be one of the largest spending cuts seen in UK's history.

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