MOSCOW (Sputnik) – The Spending Review will set caps on spending for the next five years. Osborne is largely anticipated to announce massive cuts in spending for social care, welfare, education and police to bridge the widening gap between the government’s spending and revenue.
According to the Guardian, the public spending by 2020 will be reconfigured to redirect some 43 percent of its budget funds into healthcare and pensions, in line with the Tory manifesto where they vowed to defend NHS and aid for pensioners, among a few spending priorities.
The UK finance chief will also bring to the parliament’s attention his plan to double the financing of the affordable housing that will go toward building some 400,000 new homes in England, and crack down on tax avoidance to raise additional $7.5 billion.
