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Last updated: 27 Sep, 2014  

UK.9.Thmb.jpg British govt. sets out deficit-tackling savings plan

UK.9.jpg
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» India’s forex reserves on way to reclaim all-time high of $704.8 billion
» Centre notifies new rules for GST Appellate Tribunal
» India’s steel industry poised for global growth, focus on FTAs and self-reliance: Piyush Goyal
» Sensex, Nifty plunge over 1 per cent amid geopolitical tensions
» ‘India Steel 2025’ to deliver roadmap on capitalising international market
DPA | 24 May, 2010
The British government is to cut some 6.2 billion pounds ($9 billion) from its budget this year, in an effort to tackle its national deficit, British Chancellor of the Exchequer George Osborne announced Monday.

Osborne said there would be a civil service recruitment freeze, as well as cuts to IT programmes and non-governmental organisations, the BBC reported.

Funding for schools and 16-19 year olds' education would be protected, Osborne said.

The largest budget cuts would be taken from the local government, transport and education departments, the Press Association reported.

The announcement is the first step in the new centre-right coalition government's attempt to eliminate the bulk of Britain's budget deficit - estimated at 156 billion pounds - over the next five years. 
 
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