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| George Osborne says he’s started Tory cuts because it will make the next ones 'smoother' | |
| (about 7 hours later) | |
| Conservative spending cuts have already begun, George Osborne has said as he told unprotected Whitehall departments to start cutting back now to make the next five years of austerity "smoother". | Conservative spending cuts have already begun, George Osborne has said as he told unprotected Whitehall departments to start cutting back now to make the next five years of austerity "smoother". |
| The Chancellor has pledged to eliminate the UK's budget deficit by 2018 and to turn it into a surplus the following year. But with the deficit forecast to be £75 billion in 2015/16, Mr Osborne faces a difficult challenge and he has wasted no time in wielding the axe, even though the budgets for this year have already been outlined. | The Chancellor has pledged to eliminate the UK's budget deficit by 2018 and to turn it into a surplus the following year. But with the deficit forecast to be £75 billion in 2015/16, Mr Osborne faces a difficult challenge and he has wasted no time in wielding the axe, even though the budgets for this year have already been outlined. |
| "When it comes to saving money, we all know that the more you can do early, the smoother the ride," he told the Confederation of British Industry last night. | "When it comes to saving money, we all know that the more you can do early, the smoother the ride," he told the Confederation of British Industry last night. |
| “And without fixing the public finances so our country lives within its means, there can be no economic security for businesses or working people.” | “And without fixing the public finances so our country lives within its means, there can be no economic security for businesses or working people.” |
| But the road ahead is anything but 'smooth' for those waiting to hear how Mr Osborne will find £12 billion of welfare cuts and an additional £13 billion in budget cuts from unprotected departments such as transport, defence, justice and the home office. | But the road ahead is anything but 'smooth' for those waiting to hear how Mr Osborne will find £12 billion of welfare cuts and an additional £13 billion in budget cuts from unprotected departments such as transport, defence, justice and the home office. |
| Mr Osborne plans to save another £5 billion from cracking down on tax avoidance, while he wants to make a profit from publicly-owned assets by selling off shares in Lloyds and Eurostar and has created a government-owned company, UK Government Investments (UKGI), to oversee the sale. | Mr Osborne plans to save another £5 billion from cracking down on tax avoidance, while he wants to make a profit from publicly-owned assets by selling off shares in Lloyds and Eurostar and has created a government-owned company, UK Government Investments (UKGI), to oversee the sale. |