George Osborne pledges £12bn cuts in government welfare spending after next general election
The Chancellor has revealed plans to cut a further £12bn from the welfare budget as part of a package of cuts after the 2015 election totalling £25bn.
Mr Osborne has said ‘Welfare cannot be protected from further substantial cuts. I can tell you today that on the Treasury’s current forecasts, £12 billion of further welfare cuts are needed in the first two years of next Parliament.’
Ed Balls, the shadow chancellor, said, ‘George Osborne is desperate to stop talking about the cost of living crisis on his watch. But that won't stop working people from doing so as they are on average £1600 a year worse off under the Tories and prices are still rising faster than wages.’