New Spending Cuts Announced by Chancellor

New spending cuts for many sectors

Figures released today by the coalition Government’s new Chancellor George Osbourne reveal £6.2 billion in new spending cuts in a bid to take ‘urgent action’ against the budget deficit.

The new Government spending cuts can be seen in the following sectors:

Child Trust Fund Payments will be axed by January next year, saving an estimated £520 Million
IT, suppliers and property sectors will face cuts of £2 billion
Consultancy and Travel will see £1 billion made in cuts
There will be a civil services recruitment freeze
£683 million in cuts at the department for Transport
Communities and Local Governments will face £780 million
The department for business £836 million due to the new spending cuts
Department of work pensions £535 million
Chancellor’s Department will face £451 million as a result

The department for education will also see £670 million in cuts although the Chancellor assures funding for schools, 16-19 year olds’ education and Sure Start will remain protected.

Chief secretary to the Treasury, Mr Laws said:

“The years of public sector plenty are over, but the more decisively we act the quicker and stronger we can come through these tough times.”

“We also promise to cut with care, we are going to be a progressive government even in these tough times.”