Live blog: Osborne unveils spending cuts plan
CHANCELLOR George Osborne will today unveil details of the Government’s radical plans to cut public spending by £83bn over the next four years.
The cuts will cost 490,000 public sector jobs by 2014-15, it emerged yesterday as Chief Secretary to the Treasury Danny Alexander was photographed with an open copy of the Comprehensive Spending Review.
Follow the announcement and reaction to it on our liveblog here
With commentary and analysis from our partner PKF (UK) LLP (PKF), TheBusinessDesk.com will have comprehensive coverage of the Chancellor’s announcement as it happens.
In the lead up to the announcement, defence, welfare and housing have already been identified as areas that will bear a significant share of the cuts.
But there have also been promises of extra spending in areas such as education and commitments to continuing to invest in infrastructure to support the recovery.
With one-in-five people in work in the North West employed by the state and many
companies benefiting from public sector contracts, the Chancellor’s decisions have the potential to have a significant impact on the region’s business community.
Business will also be looking for clarity on the Government’s plans for business support organisations such as Business Link and UK Trade and Investment (UKTI) and the development of new local enterprise partnerships that are due to replace regional development agencies.
Brian Ricketts, managing partner at PKF’s Liverpool office, said: “The Comprehensive Spending Review will bring about significant change and with this change will come new opportunities.
“Organisations will start to focus on the detail, looking to achieve more with less and to become more efficient. Businesses with innovative approaches will have the chance to enter markets that have previously been difficult to get a foothold in.
“Early assessment of the investment required and the buy-in of funders will be essential to maximising the opportunities available.”
You can follow the Spending Review on our site through a liveblog as the Chancellor speaks alongside analysis by our team of journalistd of the implications for the region and the wider economy.
Our subscribers will receive a breaking news email within minutes of the Chancellor’s speech, setting out the main headlines from the spending review followed by a further email later in the afternoon as the fine detail emerges.
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