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The UK’s Chancellor of the Exchequer George Osborne has warned government ministers who are refusing to reduce spending that their departments will be punished with deeper cuts if they hold out until the last minute in the hope of getting a better deal, announces The Independent.
“The Chancellor will announce £11.5bn (€13.46bn) of cuts for the 2015-16 financial year in three weeks – but so far only £2.5bn (€2.93bn) of cuts have been agreed”, the daily reports
The unresolved budgets include defence, education, business, transport, local government and the environment. [...] There is growing speculation […] that spending on schools will be squeezed by £1bn [€1.17], even though it is officially one of three “ring-fenced” budgets along with health and overseas aid.
