TaxCorporate TaxSpending review round up

Spending review round up

Key numbers in the spending review

Medium

George Osborne

£81bn – total spending cuts by 2014-15, down from the £83bn predicted in June Budget. £30bn of this sum was announced in Budget.

£7bn – further cut in the welfare programme by 2014-15 in addition to £11bn announced in Budget.

Banks – bank levy will be permanent (details still to be published. Expected to raise more than Labour’s one-off levy. Figures in September from HMRC showed the bank payroll levy grossed £3.4bn for the exchequer).

1.1% – the level to which public sector net borrowing will fall by 2015-16 as proportion of GDP. Currently stands at 11%.

£548bn – total government receipts 2010-11.

£697bn – total government expenditure.

£148bn – public sector net borrowing 2010-11.

15% – cut in HMRC spending by 2014-15 (HMRC will cut admin costs by 33%, increase use of magistrates courts, end the use of national insurance cards saving £1m, increase criminal prosecutions fivefold, improve use of the internet, spend £900m on tackling avoidance and evasion to raise £7bn, reduce fraud in tax credit system by £2bn a year by 2014-15).

£10bn – saving in debt interest by 2014-15.

£2.5bn – saving on child benefits.

£1.7bn – saving on public sector pensions.

£2bn – on support for disabled who will never work and those who are waiting to return to work.

Departments

33% – cut in Treasury spending.

19% – average departmental spending cut.

3.4% – cut in education spending.

1.3% – rise in health spending.

21% – cut in transport spending.

25% – cut in department for business, innovation and skills spending.

23% – cut in Home Office spending.

23% – cut in justice spending.

7.5% – cut in defence spending.

24% – cut in Foreign Office spending.

37% – increase in international development.

18% – in energy department.

29% – cut in environment spending.

24% – cut in culture spending.

28% – increase in Cabinet Office spending.

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