Conservative Party: George Osborne sets out plans to save £6bn

George Osborne and the Chief Secretary to the Treasury, David Laws, have announced the first step in tackling the deficit.

They have set out details of how they will save over £6billion from spending during this financial year - savings found by cutting waste and low value programmes across Government.

These in-year cuts are aimed at tackling the unprecedented £156 billion deficit, while protecting the quality of key frontline services - including schools, Sure Start and spending on education for 16-19 year-olds.

"In the space of just a week, we have found and agreed to cut £6billion of wasteful spending, across the public sector", Osborne said.

"Of that, £500m 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."

Osborne added that this was 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, getting a grip".