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Osborne to squeeze Budget for an extra £2.5bn in savings
Markets
by Sarah Miloudi on Mar 19, 2013 at 13:39
George Osborne has ordered ministers to find another 1% in savings each year between now and 2015.
The additional savings will pose another headache for hard pressed ministers, with the order from the UK chancellor coming just a day ahead of the next Budget.
According to reports, Osborne (pictured) wants to use the additional savings to boost the capital spending budget by £2.5 billion.
The extra cuts will not affect ring-fenced and politically sensitive areas like the National Health Service, international aid and education.
Detail is scant on how the extra £2.5 billion will be spent, but Osborne is widely expected to unveil a large infrastructure spend to help get the economy moving.
The Treasury is also thought to be keen to fund a increase in income tax allowances for lower earners.
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