Osborne to unveil Comprehensive Spending Review today
Chancellor George Osborne will today reveal the Comprehensive Spending Review.
He is set to provide details of how he intends to slash spending by £83 billion by 2014 as he endeavours to bring down the spiralling budget deficit.
The cuts have received mixed responses; many have been critical of them warning that slashing the deficit too quickly could pose a threat to economic recovery and push the UK back into a recession.
However, the chiefs of Marks and Spencer, BT, GlaxoSmithKline, Kingfisher and Microsoft UK have given Mr Osborne their full support of the deficit reduction program.
Meanwhile, today’s Spending Review will represent the harshest round of cuts to the public sector in decades with around 500,000 workers expected to lose their jobs.
Thirty-nine-year-old Osborne has already defended his Government’s “painful cuts” and said if action is not taken, we will find our country on the “road to ruin.”
However, trade unionists have warned that they will “stand up and fight” against the cuts, with nationwide strikes expected in the coming months.