UK needs £25bn of spending cuts after 2015 election, Osborne says
Britain needs to cut £25bn in spending after next year's election to reduce borrowing, finance minister George Osborne said today.
Osborne will stress in a speech later on Monday that the job of reducing Britain's budget deficit is far from done.
"We need to find a further £25bn of cuts after the election. We have to make decisions about where those cuts are to be found," Osborne said in an interview with the BBC.
The welfare budget is likely to bear the brunt of further cuts, the finance minister said.
"This enormous welfare budget, that ultimately is where you can find substantial savings," be said.