George Osborne Spending Cuts Review

In 2010 the public of the United Kingdom elected a new government which to them was meant to bring them a better way of living, but instead have brought nothing but pain and misery to many families of the UK. The new government have implemented new changes which has caused thousands of people to loose their jobs, homes, and even their cars.

George Osborne, Chancellor of the Exchequer,  has revealed the" bloodiest spending cuts since the Second World War today". The radical changes have included raising the pension age to 66, increasing the National insurance contribution and slashing £6 billion from Whitehall.

It has been estimated that one in ten public sector workers will lose their jobs and millions more will be told to take a pay cut or reduce their hours. 

Child Benefit will be withdrawn from families who are higher-rate taxpayers, which is predicted to save £2.5 billion a year. However, Child Benefit will continue to be paid to low-income families until a child leaves full-time education at the age of 18 or 19.

Mr Osborne revealed all working-age benefits and tax credits will be replaced with a single, simple Universal Credit: "No family that doesn't work will receive more in benefits than the average family that does go out to work", he said.

The Chancellor said the Government will deliver £6 billion of Whitehall savings - double the £3 billion promised earlier.

He added the best estimate of the reduction in total public sector jobs is the Office for Budget Responsibility forecast of 490,000 over the four years of the spending review period.

This is a very interesting video high-lighting the issues of George Osborne's cuts.

http://www.youtube.com/watch?v=LHOFOHDwQvY&feature=related

"There will be some redundancies in the public sector, which is unavoidable when the country has run out of money", said Mr Osborne.

Mr Osborne claimed it will take time "to turn around the debt supertanker": 'In real terms public spending will be at the same level as 2008. Our public services and welfare system will be put on a sustainable footing'.

Mr Osbrone said this spending plans will achieve a balanced structural current budget and falling national debt in the period to 2014/15

http://www.dailymail.co.uk/news/article-1322004/SPENDING-CUTS-2010-Pension-age-rise-66-2020.html#ixzz1JLokYpue

This is a video of Mr Osborne dishing out his cuts,a joke if you should ask me lol!

http://www.guardian.co.uk/politics/2010/oct/20/spending-review-2010-osborne-cuts

Below is an indepth view of how the cuts will be implemented: 

• £1.15bn in "discretionary" areas such as consultancy and travel costs

• £95m through savings in IT spending

• £1.7bn will be saved in delaying or stopping government contracts and projects

• Reductions in property costs will save £170m

• More than £120m expected to be found through a freeze in civil service recruitment

• £600m by cutting the cost of quangos

• £520m will be saved through other low-value spending