George Osborne : Next year revenue spending will be £651bn and rising thereafter. Debt interest payments will reach 63Bn in 2014/5. Capital spending will be around £50bn and falling over the next few years. Total public spending of £704bn will be at same level as 2008 in real terms.
And so to the cuts : but first a mention for investment in transport and green infrastructure – sounds like good news?
And then on to the reshaping of our public services.
Services paid for by the government do not have to be provided by the government.
Government departments facing cuts of 30%. Overall savings for councils will be 7.1% for the next four years. Ringfencing of all local government revenue grants end from April next year. No longer have to report on 4700 LAA targets.
Social Housing : Building 150,000 affordable homes afforded in part by cutting the rent payments for new claimants to 80%.
And now he’s talking about defence and security. And justice. He promises improved value for money and improved services to the public.
State pension age to rise to 66 by 2020. What a nonsense, what a distraction : to close today’s pension gap it needs to go up to 73 today.
Universal benefits ; no change to the conference announced Child Benefit changes and no other changes to it or changes to any other universal benefits such as free prescriptions, eye tests, TV licences and the winter fuel payment for ‘old people’.
Here’s the bit about protecting the NHS.
Part 3 : Growth and private sector recovery. An increase of over 50% in investment in adult apprenticeships. Protecting and supporting the Post Office. No cash cut to science budget (£4.6bn). Medical research and climate change (carbon capture!) investment.
Culture etc : budget down to £1.1bn. Continued funding of free entry to museums and galleries. Protection of the Olympic budgets. BBC to make its contribution – taking on the funding of the World Service etc worth over £340M to the exchequer. Licence fee frozen for 6 years (but we knew that already).
Here we go … A453 to be improved. Or did he say A46? But what did he not say? More to follow next week?
No here it is … George didn’t say it as expected but it’s in the full report on the Treasury website.