New UK Chancellor to cut £6.25bn of public spending

New UK Chancellor of the Exchequer George Osborne unveiled plans for an immediate £6.25bn (€7.27bn) cut in “wasteful” public spending today – insisting the Government was “getting on with the job” of tackling the deficit.

The Chancellor, standing alongside his Lib Dem deputy at the Treasury, David Laws, said the reductions would be made while maintaining “frontline” services in key areas such as the NHS. He also announced that schools spending would be protected.