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Spending Review: George Osborne to reveal £11.5bn in cuts Spending Review: George Osborne to reveal £11.5bn in cuts
(35 minutes later)
George Osborne is preparing to wield the axe in a fresh round of spending cuts that will set the tone for the next general election.George Osborne is preparing to wield the axe in a fresh round of spending cuts that will set the tone for the next general election.
The chancellor is to unveil £11.5bn of cuts for a single financial year - 2015/16 - to help reduce the deficit.The chancellor is to unveil £11.5bn of cuts for a single financial year - 2015/16 - to help reduce the deficit.
Health and schools in England and foreign aid will continue to be protected, meaning all other department will have to take a bigger hit. Health and schools in England and foreign aid will continue to be protected, meaning other departments will have to take a bigger hit.
Labour has said it will stick to the plans if it wins the next election.Labour has said it will stick to the plans if it wins the next election.
Mr Osborne will outline the Spending Review in the House of Commons from 12:30 BST.Mr Osborne will outline the Spending Review in the House of Commons from 12:30 BST.
Intelligence winners BBC political editor Nick Robinson says there will be no fresh welfare cuts, but there will be more detail of a long-term plan to cap much of the benefits budget.
BBC political editor Nick Robinson says there will be no fresh welfare cuts, but there will be more detail of a long-term plan to cap much of benefits spending and a move to limit the payment of winter fuel allowance to pensioners who live abroad.
Spending on the NHS, schools and overseas aid will continue to be protected and the intelligence services will be the biggest winners of a spending increase, he adds.Spending on the NHS, schools and overseas aid will continue to be protected and the intelligence services will be the biggest winners of a spending increase, he adds.
Other measures tipped to be in the chancellor's statement:
The chancellor will also announce long-term plans to invest more in Britain's infrastructure in building roads, railways and housing.The chancellor will also announce long-term plans to invest more in Britain's infrastructure in building roads, railways and housing.
The next general election is scheduled for May 2015 and the Conservative-Liberal Democrat coalition has to set out its budgetary plans for the final few weeks of its time in office, irrespective of the outcome of the poll.The next general election is scheduled for May 2015 and the Conservative-Liberal Democrat coalition has to set out its budgetary plans for the final few weeks of its time in office, irrespective of the outcome of the poll.
Labour has said that it would match the coalition's current spending totals for the full one-year period.Labour has said that it would match the coalition's current spending totals for the full one-year period.
On Sunday, Mr Osborne announced that the Ministry of Defence would have to shed civilian staff, but the UK's military capacity would not be affected.On Sunday, Mr Osborne announced that the Ministry of Defence would have to shed civilian staff, but the UK's military capacity would not be affected.
'Out of intensive care'
The last department to reach a settlement on its budget was Vince Cable's Department for Business and Skills.The last department to reach a settlement on its budget was Vince Cable's Department for Business and Skills.
The agreements followed weeks of arguments with ministers.The agreements followed weeks of arguments with ministers.
The chancellor had initially hoped to eliminate the structural deficit - the portion of borrowing that is not affected by changes in the economic cycle - entirely by 2014-15.The chancellor had initially hoped to eliminate the structural deficit - the portion of borrowing that is not affected by changes in the economic cycle - entirely by 2014-15.
But the timeframe for this has slipped to 2017-18 and Mr Osborne will have to borrow £275bn more than he expected in this parliament than at the time of his first Budget in 2010.But the timeframe for this has slipped to 2017-18 and Mr Osborne will have to borrow £275bn more than he expected in this parliament than at the time of his first Budget in 2010.
The government says it has cut overall borrowing by a quarter since coming to power and by a third as a share of GDP.The government says it has cut overall borrowing by a quarter since coming to power and by a third as a share of GDP.
Revised official figures released on Friday showed that borrowing rose slightly to £118.8bn in 2012-13 from £118.5bn the year before.Revised official figures released on Friday showed that borrowing rose slightly to £118.8bn in 2012-13 from £118.5bn the year before.
Mr Osborne has indicated the coalition is determined to stick to its austerity plan, saying: "I'm confident we are coming out of intensive care and we can turn this country around. There's certainly a chance of a relapse if we abandon our plan."Mr Osborne has indicated the coalition is determined to stick to its austerity plan, saying: "I'm confident we are coming out of intensive care and we can turn this country around. There's certainly a chance of a relapse if we abandon our plan."
But shadow financial secretary to the Treasury Chris Leslie said: "This Spending Review is happening because David Cameron and George Osborne's economic plan has failed.But shadow financial secretary to the Treasury Chris Leslie said: "This Spending Review is happening because David Cameron and George Osborne's economic plan has failed.
"Three years of falling living standards and a flat-lining economy has led to billions more borrowing to pay for economic failure. Far from balancing the books by 2015, as the government promised, the chancellor is being forced to make even more cuts.""Three years of falling living standards and a flat-lining economy has led to billions more borrowing to pay for economic failure. Far from balancing the books by 2015, as the government promised, the chancellor is being forced to make even more cuts."
Ministers will also set out plans to invest billions of pounds in transport, science and other capital projects on Thursday.Ministers will also set out plans to invest billions of pounds in transport, science and other capital projects on Thursday.