UK Spending Review 2010
George Osborne announced his long awaited spending review today to reduce Britain’s deficit by around $81bn over 4 years.
All departments will need to reduce expenditure significantly with an overall job reduction in the public sector of just under 500,000.
HMRC have published a series of graphs and charts on the subject available on Flikr.
Quentin Pain, founder of software company Accountz said:
“whilst we welcome cuts that are necessary for the country there was a significant lack of proposals for the SME business sector. It is that very sector that generates the tax that keeps this country going in the first place. If you concentrate on cuts without remedial help for growth, it is a recipe for disaster.”
Quentin also added: “I would predict we will lose a further 500,000 private jobs over the same period as a direct result of a cut on contracts and other factors. This is not good news for the UK’s future.”
Quentin appeared on the UK’s BusinessZone Expert Panel during the parliamentary speech.