Osborne announces property cuts

Chancellor George Osborne has announced a package of measures today which will result in cuts of £6bn, including nearly £2bn from IT programmes, suppliers and property.

He has also confirmed that from January that the government will scrap the Child Trust Fund.

As well as nearly £2bn from IT programmes, suppliers and property, it will cut over £700m by restraining recruitment and cutting quangos and over £500m from cutting low value spending.

Osborne however has not given specific details of where the cuts will come from.

In a speech today, Osborne says in the space of just a week, it has been found and agreed to cut £6.25bn of wasteful spending, across the public sector.

He says: “We have conducted the fastest and most collegiate spending review in recent history. That is what this new government is all about.

“Rolling up our sleeves, getting on with the job, working together in the national interest, delivering on our promises, getting a grip.”

He says the UK needs to tackle the deficit so that its debt repayments don’t spiral out of control.

He says: “Let me tell you, sitting at that table of 27 Finance Ministers I could not help but be conscious that I represented the country with the biggest budget deficit of all.

“In those councils the previous British government was an advocate of dither and delay.

“That has now changed and Britain is now a leading voice in Europe for fiscal responsibility.”