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1.35pm: "The decisions we have taken today bring sanity to our public finances," the chancellor says. There will be "real reductions in waste". He says the average savings in departments will be lower than those promised by the previous Labour government. There will be cuts of 19% rather than 20%, he says, to great cheers from the government benches. "A stronger Britain starts here" is how he concludes.

1.30pm: "Real increase in money for schools" for next four years. Schools to have greater responsibility for spending money. 'Pupil premiums' to be introduced for poorer pupils, a key Lib Dem ask. Department of Education required to find 1% of savings a year. 15 hours of care and education for disadvantaged two-year-old children to be introduced.

1.27pm: Transport: £30bn to be invested in projects. Bus subsidies to be reduced and the rail fare cap to be lifted by retail price inflation plus 3% for the next three years. The Crossrail project will go ahead. More news on those transport plans to come next week.

1.25pm: Olympics and Paralympic budgets safe. The BBC will have to fund the BBC World Service and part of S4C to deliver £343m savings a year by 2014/15. TV licence fee to be frozen for next six years. BBC agreed to reduce online spend.

1.22pm: Up to £1bn to be committed to carbon-capturing and storing projects and wind farms. £1bn set aside for the so-called 'green bank', which will please the protestors who climbed the Treasury yesterday. Department for Culture, Media and Sport to have its budget cut. Tate gallery and British Museum building works to be finished. Free entry to museums and galleries to continue to be funded.

1.20pm: An increase of 50% is promised for adult apprenticeships. Community Post Offices to be protected. Science budget to be protected, as widely predicted.

1.15pm: The NHS is next. The government is to "honour" its commitment to the health service, with spending to rise to £114bn by 2014/15. A new cancer drug fund will be provided. New hospital schemes will be also be funded. Scotland, Wales and Northern Ireland to see "cash rises" in their budgets.

Money to be provided for people who lost money through the collapse of Equitable Life.

1.10pm: Tax credits system to be overhauled in favour of a new 'Universal Credit'. The 'work programme' will provide help for people seeking work with savings to be made via digital applications. The government is also seeking additional savings. Basic and 30-hour tax credits to be frozen. The childcare element of the working tax credit to be reduced to its previous level of 70%. The welfare measures announced will save £7bn, the chancellor says. The removal of child benefit from higher-rate taxpayers is confirmed. Winter fuel payments to remain at the same level.

1.05pm: The state pension age is to rise to 66 by 2020. The chancellor praises Lord Hutton for his recent pensions report. He says employee contributions must increase. They are awaiting the full results of the report next spring before unveiling pension reforms. In the meantime, the government will seek ways of making savings of £1.8bn on public sector pensions by 2014/15.

1.00pm: There will be details of a permanent tax levy on banks published on Thursday.

12.55pm: On to international affairs and defence. There will be 24% savings in the Foreign Office budget. As already stated, the government will honour its international aid commitments. Police spending will fall by 4% each year. "Visibility and availability" of police on the streets will not be affected, the chancellor says. The Ministry of Justice will make savings of 6% each year.

12.50pm: More spending powers are to be devolved to local authorities and communities. From next year, local government grants will no longer be ringfenced. The grant funding for social care will be increased by £1bn by the fourth year of the Spending Review. Another £1bn will be available via the NHS. Social housing will be "more flexible". 150,000 new affordable homes are to be built. The disabled facilities grant will be protected.

12.45pm: "We will deliver £6bn" of Whitehall savings, the chancellor says. Talking about possible job losses, he says many positions will be left unfilled. But there will be redundancies. The Treasury's overall budget will be reduced by 33%. The Cabinet Office budget will be reduced by £55m by 2014/15. "We will lead by example". A 'transition fund' will be set up. The Civil List will be frozen next year. Grants to the Royal Family will be frozen in cash terms. There will be a new grant linked to the revenue of the Crown Estate. £1m will be made available for the Diamond Jubilee celebrations.

12.40pm: "We are all in this together," says the chancellor.

12.39pm: Total spending to reach £693bn by 2014/15. The chancellor says that, in real terms, public expenditure will be at the same level as it was in 2008.

12.37pm: The chancellor confirms the spending totals set out in the Budget will be the same today.

12.36pm: "To back down now... will be the road to economic ruin," the chancellor says.

12.34pm: The chancellor says that "not a single penny of savings had been identified" by Labour.

12.31pm: The Spending Review announcement begins. "Today is the day when Britain steps back from the brink," is George Osborne's opening line.

Too bad the majority chavvy scum baby factories in the country as still eating cake because they can pop out NEDS. Oh well, its a start.

Retirement age to 66? Wheee. Abolish it altogether I say, as it will happen regardless.

Rant, winge, Etc...

Edited by cashinmattress
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  • 434 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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