UK to slash public spending by £81bn

The UK is to set to cut public spending by a massive £81 billion over the next four years, Chancellor of the Exchequer George Osborne announced on Wednesday. These are the most drastic austerity measures undertaken in the UK since World War II. Money will be saved by slashing welfare benefits by £7 billion and raising the pension age from 65 to 66, and as many as 500,000 public sector jobs could be axed by 2015. Details about a proposed bank levy will be released on Thursday. Read more: BBC News