Summary Box: UK government details austerity plan

AP News
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Posted: Oct 20, 2010 2:45 PM
Summary Box: UK government details austerity plan

MASSIVE REDUCTIONS: The British government outlined 81 billion pounds ($128 billion) in spending cuts through 2015 and up to 500,000 public-sector job losses, the largest reduction in public spending since World War II.

AUSTERIY MEASURES: About 18 billion pounds ($28.5 billion) will be axed from welfare payments, and the state pension age will rise to 66 by 2020, four years earlier than planned.

CONFRONTING BILLS: After the country spent billions bailing out indebted banks and took in lower tax revenue, the government staked its future on tough economic remedies and a balanced budget.