George Osborne and David Laws announce 6.2 billion pounds of public spending cuts

George Osborne and David Laws announce 6.2 billion pounds of public spending cuts; ENGLAND: London: Westminster: HM Treasury: EXT George Osborne MP (Chancellor of the Exchequer, Con) and David Laws MP (Treasury Chief Secretary, Lib Dem) along to press conference podiums George Osborne MP (Chancellor, Con) speech SOT - Seven days ago, I stood in this building and told you that this new coalition Government's top priority was to bring confidence back to the economy, by showing that we could deal with Britain's record budget deficit, starting this year. I told you we would cut wasteful spending. I told you there would be in-year reductions in departmental budgets. And that we would do this while protecting the quality of key frontline public services. Today I can tell you that we have delivered on every single commitment we made. In the space of just a week, we have found and agreed to cut 6 ¼ billion pounds of wasteful spending, across the public sector. Of that, 500 million pounds will be recycled and used to invest in targeted measures to improve Britain's long-term growth potential and build a fairer society. But the great majority will go towards cutting the deficit this year so we can avoid the jobs tax next year. We have conducted the fastest and most collegiate spending review in recent history. That is what this new Government is all about. Rolling up our sleeves, getting on with the job, working together in the national interest, delivering on our promises, and getting a grip. There were many who said it couldn't be done. That we alone in Europe were concerned about debt. That only cuts to frontline services were feasible because all the efficiencies possible had already been found. We have comprehensively demolished all of these arguments. I am not claiming that it has been easy. We have worked incredibly hard over the past week. And we have delivered. I would like to thank Sir Peter Gershon and Dr Martin Read for their advice in opposition, which ...