UK unveils spending cut plan

20:13, May 24, 2010      

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Britain's Chancellor of the Exchequer, George Osborne, speaks at the CBI annual dinner at the Grosvenor House Hotel, in central London May 19, 2010. (Xinhua/Reuters File Photo)

British Chancellor George Osborne unveiled a spending cut plan of 6.2 billion pounds on Monday to address the mounting budget deficit.

Osborne said there would be a civil service recruitment freeze, as well as cuts to IT programmes and property, emphasizing in the meantime that funding for schools would be protected.

"Our huge public debts threatened financial stability and if left unchecked would derail the economic recovery," he added. "It would be deeply irresponsible to continue to accumulate vast debts that would have to be paid off by our children, and our grand children for many decades to come."

The bigger savings outlined by Osborne were 683 million pounds at the Department for Transport, 780 million pounds at Communities and Local Government, 836 million pounds at Business, 670 million pounds at Education and 325 million pounds at Department for Justice.

According to the austerity plan, around 500 million pounds of the savings will be "recycled" and reinvested and the rest will be used to cut the budget deficit of 163 billion pounds.

Source: Xinhua
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