Key figures from British spending review
Here are the main facts and figures from the spending review delivered by British finance minister George Osborne on Wednesday, which ushered in the deepest cuts for decades to reduce a record deficit.
All figures in pounds. One pound equals 1.57 dollars; 1.14 euros.
- 490,000 public sector jobs expected to be lost over four years, to be achieved through retirement and redundancies
MINISTRY CUTS AND SAVINGS:
- Average 19 percent cuts to departmental budgets over four years
- Savings of 6 billion in government department administration costs
DEBT and DEFICIT:
- 109bn structural budget deficit -- "largest in Europe", according to Osborne -- to be eliminated by 2015
- Britain currently paying 43bn a year in debt interest at a rate of 120 million a day
- Debt interest payments in 2014-2015: 63bn
- Public spending cut to 2008 levels in real terms.
TOTAL GOVERNMENT SPENDING:
BUDGET CHANGES AT KEY MINISTRIES from 2010-2011 to 2014-2015:
- State pension age for men and women to climb to 66 by 2020, saving 5bn per year
- Employee contributions to increase
- 1.8bn of savings to public sector pensions
- Accounts for third of all public spending
- Changes to save 7bn per year
- Removing child benefit from higher-rate taxpayers to save 2.5bn per year
- One-year cash freeze in household expenses paid to Queen Elizabeth II and her husband Prince Philip
- Royal Household spending to fall by 14 percent in 2012-2013
CRIME and JUSTICE:
- Police spending cut four percent each year
- This year 104bn spent on health care, rising to 114bn by 2014.
- Aiming to save up to 20bn per year by 2014-2015 through efficiencies but money ploughed back into health care.
- BBC licence fee frozen for next six years -- savings equivalent to 16 percent pf BBC budget
- BBC to take role of funding World Service from the government, saving taxpayers 340m per year
© 2010 AFP