George Osborne swings welfare axe to bring Britain 'back from the brink' of bankruptcy
George Osborne announced a £7 billion hit on the welfare budget today as he took an axe to public spending.
The Chancellor said that departments across Whitehall would face swingeing cuts over the next four years as the Government acted to pull the country back "from the brink of bankruptcy".
|Wordle of the CSR Speech|
The welfare cuts - on top of the £11 billion announced in the emergency Budget in June - include the axing of child benefit for higher rate taxpayers unveiled at the Conservative Party Conference in Birmingham.
However, he finally scotched speculation that the he was planning to cut child benefit for children over 16.
Mr Osborne described the package as "tough but fair".
"Today's the day when Britain steps back from the brink, when we confront the bills from a decade of debt," he said.
"To back down now and abandon our plans would be the road to economic ruin. We will stick to the course. We will secure our country's stability. We will not take Britain back to the brink of bankruptcy."