The Chancellor of the Exchequer, George Osborne delivered on 20 October \u2013 the \u2018Spending Review 2010\u2019 \u2013 using his speech to announce the key headlines of the Spending Review \u2013 with one of the stand-out figures being a further \u00a37bn cut in welfare spending.<\/p>\n
The Chancellor says the main Whitehall departments will make cost savings of \u00a36bn in how they are run over the next four years and the Office for Budget Responsibility forecasts that 490,000 public sector jobs will go over the four years of the Spending Review period. Most will be through natural turnover, although there will be \u2018some redundancies\u2019.<\/p>\n
The Spending Review is a Treasury-led process to allocate resources across all government departments, according to the government\u2019s priorities.\u00a0Spending Reviews set firm and fixed spending budgets and it is then up to each department to decide how best to manage and distribute this spending within their areas of responsibility.<\/p>\n
In addition to setting departmental budgets, \u2018Spending Review 2010\u2019 also examines non-departmental spending that cannot be firmly fixed over a period of several years, including social security, tax credits, some elements of local authority spending and spending financed from the proceeds of the National Lottery.<\/p>\n
Spending Reviews have been an integral part of governmental planning since the late 1990s.\u00a0Prior to their introduction, departmental budgets were set on a year-by-year basis which made multi-year planning more difficult.<\/p>\n
\u2018Spending Review 2010\u2019 covers the four years from 2011\/12 to 2014\/15.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Chancellor sets out his cost savings for the next four years The Chancellor of the Exchequer, George Osborne delivered on 20 October \u2013 the \u2018Spending Review 2010\u2019 \u2013 using his speech to announce the key headlines of the Spending Review \u2013 with one of the stand-out figures being a further \u00a37bn cut in welfare… Read more »<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"_links":{"self":[{"href":"https:\/\/www.suretyfp.com\/wordpress\/index.php?rest_route=\/wp\/v2\/posts\/1074"}],"collection":[{"href":"https:\/\/www.suretyfp.com\/wordpress\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.suretyfp.com\/wordpress\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.suretyfp.com\/wordpress\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.suretyfp.com\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1074"}],"version-history":[{"count":0,"href":"https:\/\/www.suretyfp.com\/wordpress\/index.php?rest_route=\/wp\/v2\/posts\/1074\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.suretyfp.com\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1074"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.suretyfp.com\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1074"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.suretyfp.com\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1074"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}