
Unveiling what one Government source described as a tsunami of grim news, Mr Osborne said: ‘It is a hard road but it will lead to a better future.
The main headlines in today spending review were;
* The Treasury cut by 33%
* Local Government cut by 27%
* The Home Office cut by 26%
* The Justice Department cut by 26%
* The Business Department cut by 25%
* The Culture Department cut by 24%
* Transport cut by 21%
* The Foreign Office budget will see savings of 24% through a sharp reduction in the number of Whitehall-based diplomats and back office functions.
* Proposals will be set out to replace all working-age benefits and tax credits with a single, simple Universal Credit.
* BBC to fund BBC World Service and BBC Monitor as well as part-funding S4C, saving the Treasury £340 million a year, with the license fee frozen for the next six years - equivalent to a 16% saving in the BBC budget over the period.