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UK to slash £81bn in spending
Fri, 22 Oct 2010 00:01:27 GMT
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Chancellor George Osborne, second left, is flanked by Prime Minister David Cameron, left, Treasury Secretary Danny Alexander and Deputy Prime Minister Nick Clegg. Reuters Photo
UK Chancellor George Osborne announces the details of £81 billion in government spending cuts, which will slash up to one million private and public sector jobs.

The Chancellor announced Thursday the unprecedented public spending cuts to the House of Commons, which will see 500,000 job cuts from the public sector as public departments face an average of 19 percent in cuts to their budgets.

The cuts will also cut welfare programs by £7 billion, namely slashing benefits to families and the disabled, the state-run BBC reported.

Moreover, rail fares will increase by 3 percent above RPI inflation; higher education spending will be cut by 40 percent, flood defenses by 15 percent, and Sport England and UK Sport by 30 percent.

Additionally, the pension age will rise to 66 by 2020, the Financial Times revealed.

“It is a hard road, but it leads to a better future,” Osborne said.

Labor's Shadow Chancellor Alan Johnson responded by calling the cuts a "reckless gamble with people's livelihoods" which risked "stifling the fragile recovery."

Dave Watts, the MP for St. Helen North said, “Many councils will have no choice but to consider closing sports centers, libraries and other crucial council facilities.

“We will also see less police on the beat, fewer buses and higher council rents, as well as massive cuts in benefits, affecting many low and middle income families," he added.

The UK coalition government's spending cuts are an attempt to close a record national deficit of £155 billion.

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