UK needs 25 bln stg of spending cuts after 2015 vote, Osborne says

LONDON Mon Jan 6, 2014 3:25am EST

Related Topics

LONDON Jan 6 (Reuters) - Britain needs to cut 25 billion pounds ($41 billion) in spending after next year's election to reduce borrowing, finance minister George Osborne said on Monday.

Osborne will stress in a speech later on Monday that the job of reducing Britain's budget deficit is far from done.

"We need to find a further 25 billion pounds of cuts after the election. We have to make decisions about where those cuts are to be found," Osborne said in an interview with the BBC.

The welfare budget is likely to bear the brunt of further cuts, the finance minister said.

"This enormous welfare budget, that ultimately is where you can find substantial savings," be said.

FILED UNDER:
A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

Find your dream retirement town

Florida? Hawaii? Reuters has teamed up with Zillow to give you the power to customize a list of your best places to retire.  Video | Full Article