New Chancellor George Osborne has revealed an immediate £6.25bn cut in "wasteful" public spending including £1bn cut in "discretionary" spending.
Osborne, standing alongside his Lib Dem deputy at the Treasury, David Laws, said the reductions would be made while maintaining “frontline” services in key areas such as the NHS. He also announced that schools spending would be protected. Some £500 million will be “recycled” to boost employment and skills, and the rest will be used…
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