BREAKING NEWS

UK government stakes its future on austerity plan

By ASSOCIATED PRESS

OCTOBER 20, 2010 19:50

LONDON — Fighting record debt, the British government on Wednesday outlined the largest cuts to public spending since World War II — slashing benefits and thousands of public sector jobs with an austerity plan aimed at restoring the nation's finances.

After the country spent billions bailing out indebted banks, and suffered a squeeze on tax revenue and an increase in welfare bills, Treasury chief George Osborne staked the coalition government's future on tough economic remedies.

Osborne confirmed there would be 81 billion pounds ($128 billion) in spending cuts through 2015, which he claims are necessary along with some tax increases to wipe out a spending deficit of 109 billion pounds ($172 billion).

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