Spending Review: The highlights

So the Government's revealed how it's planning to reduce the country's debt..but how will it affect us?

The Chancellor George Osbourne has outlined the Comprehensive Spending Review (CSR) as the Coalition tries to save £83 billion by 2015.

The CUTS :

  • 490,000 public sector jobs to go
  • 7 per cent annual cuts in spending for Essex councils
  • 4 per cent cuts for police
  • From 2020, men and women will have to work until the age of 66 before they can receive a state pension (saving more than £5 billion a year by the next Parliament)

Where MORE will be spent:

  • HM Revenue and Customs will spend £900m more on targeting tax evasion and fraud - to help collect a missing £7 billion in revenues
  • The Regional Growth Fund to receive around half a billion pounds extra in the third year of the review period
  • The schools budget will rise from £35 billion to £39 billion - plus a new £2.5 billion 'pupil premium' to support the education of disadvantaged children is to be introduced
  • Health spending will rise over and above inflation each year from £104 billion this year to £114 billion by the end of the next 4 years.

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