East Midlands braced for public spending cuts
Chancellor George Osborne will today announce the full details of the eagerly-awaited spending review to provide details of how Whitehall departments will reduce their budgets over the next four years.
Danny Alexander, the chief secretary to the Treasury, has already inadvertently revealed that 490,000 public sector jobs are to be lost by 2014-15 as the coalition government looks to cut spending by £83bn. Some business leaders in the Yorkshire have welcomed the proposed measures to tackle Britain's deficit, while others have warned the cuts could damage economic recovery.
Under the plans, government departments can expect budget cuts of between 20 and 25 per cent, marking a new age of austerity in the UK. Prime Minister David Cameron yesterday confirmed an 8 per cent reduction in the defence budget by 2015, with the majority of departments braced for swinging cuts.
The Department of Business, Innovation and Skills is thought to be facing a reduction of around £5bn from its annual £21bn budget, while the Department of Communities and Local Government can expect an £8bn cut.
Insider will endeavour to bring you the latest reaction to the Comprehensive Spending Review following the announcement later today. We'd also welcome your thoughts on the government's spending measures.
