Britain announces massive spending cuts

Nearly 500,000 public sector workers will lose their jobs as Britain attempts to reduce its debt.

Chancellor of the Exchequer George Osborne announced today that over the next four years public spending will be cut by CDN$134 billion, the size of government departments will be reduced by one third, and 490,000 government workers will lose their jobs in order to save Britain from crushing debt. There will also be a freeze on taxes collected to maintain the Queen’s household. Welfare benefits will be reduced, but the National Health Service escaped any reductions. Britain’s cuts are among the deepest and widest in Europe so far, as the continent struggles to cope with the recession that forced governments to spend billions bailing out banks. Austerity measures in France have sparked a series of debilitating nationwide strikes.