Comprehensive Spending Review: A Round-Up

THE new Chancellor George Osborne has outlined an incredibly grim picture for the future of the UK public sector.

In an hour-long speech to MPs at the House of Commons, the Coalition Government’s Comprehensive Spending Review set out a four-year plan to address the £114bn deficit in the public purse.

Among the key points made during the hour-long speech was the loss of around 490,000 civil service posts, the increase of the state pension age for men and women to 66 by 2020 and a 40% reduction in capital spending in the Department for Business, Innovation and Skills.

It was not all bad news though as the Chancellor promised 75,000 extra apprenticeships, funding to support the construction of 150,000 new affordable homes and payback for policyholders following the near collapse of life assurance company Equitable Life.

TheBusinessDesk.com brought readers widespread coverage of the day’s events which has been summarised below.

Half a million jobs to go as Chancellor unveils cuts programme

HEALTH survived but welfare took a hit as the Chancellor unveiled radical public spending cuts.

Council cuts will put focus on TIFs and LEPs

MONEY for local authorities was taken away with one hand but more control over what’s left handed back with the other.

Midland Metro & New Street assured; HS2 confirmed

SUPPORT for the HS2 high speed rail link, the extension of the Midland Metro and the completion of the redevelopment of New Street Station.

BLOG: Osborne digs in as he outlines spending cuts

THE Chancellor is getting a dab hand at making tough announcements, argues TheBusinessDesk.com’s editor David Parkin

Low Carbon manufacturing boosted with Green Bank

THE £1bn capital funding pledged through the Green Investment Bank will benefit firms in the West Midlands.

More apprentices promised despite squeeze on BIS

A PROMISE of an extra 75,000 apprenticeships a year was offered to business as 40% was taken off BIS’s budget.

Permanent bank levy to ensure ‘fairer contribution’

GEORGE Osborne has reaffirmed plans to introduce a permanent levy on the country’s banks.

The cost – half a million public sector jobs

NEARLY half a million public sector jobs will be lost over the next four years.

Up to 150,000 new homes to be built

UP to 150,000 new affordable homes will be built as part of social housing reforms.

Payback for Equitable Life policyholders

A LINE has been drawn under the near collapse of Equitable Life with a £1.5bn pledge to policyholders.

Osborne opaque on university cuts

DESPITE fears over £4bn cuts to university funding, there was little mention of specifics in the Comprehensive Spending Review.