UK Chancellor Osborne Unveils Plans to Cut Government Spending by $4.9Bln

UK Chancellor of the Exchequer George Osborne said that the United Kingdom will reduce the budget expenses by 3.5 billion pounds ($4.9 billion), but social spending plans would remain in place.

LONDON (Sputnik) – The United Kingdom intends by 2020 to slash the budget expenses by 3.5 billion pounds ($4.9 billion), spending the state funds in compliance with its potential, UK Chancellor of the Exchequer George Osborne said Wednesday.

"The aim is to save a further 3.5 billion of pounds in the year 2019-20. At less than half a percent of government spending in four years’ time, that is more than achievable while maintaining the protections we have set out. At the same time we will continue to deliver sensible reforms to keep Britain living within its means," Osborne said while presenting the UK 2016 budget.

At the same time, Osborne noted that social spending plans would remain in place.

"Let me confirm that this means the disability budget will still rise by more than 1 billion of pounds, and we’ll be spending more in real terms supporting disabled people than at any point under the last government," he stressed.

Though the global economy faces "a dangerous cocktail of risks," Britain is well-prepared to handle them, Osborne outlined.