Not so bad, really - Osborne cuts back prudently!

From the BBC website -

Chancellor George Osborne has announced the government's four-year Spending Review to Parliament, revealing some of the deepest cuts in public spending in decades.

The key announcements:

• About 490,000 public sector jobs likely to be lost
• Average 19% four-year cut in departmental budgets
• Structural deficit to be eliminated by 2015
• £7bn in additional welfare budget cuts
• Police funding cut by 4% a year
• Retirement age to rise from 65 to 66 by 2020
• NHS budget protected; £2bn extra for social care
• Schools budget to rise every year until 2015
• £30bn capital spending on transport
• Permanent bank levy

Not so bad. From a selfish point of view I've still got a bus pass, or will do when I get it. However, I'm still not sure what nearly 500,000 redundant state workers ae going to do apart from visit the Job Centres. Some will get jobs in the private sector, but then some private sector jobs will go. For a while it will be lots of people trying to get on very small merry-go-rounds. But it would have been a hell of a lot worse with Tarnished Labour!

Posted in: economic recovery,George Osborne