News Summary: UK Treasury chief slashes billions

News Summary: UK Treasury announces $17.7B in spending cuts as Britain tries to make ends meet

Associated Press

BIG CUTS: George Osborne, Britain's Treasury chief, announced 11.5 billion pounds ($17.7 billion) in spending cuts, as the government slashed many departments' budgets in an attempt to make ends meet.

ANEMIC GROWTH: Osborne had hoped to move past austerity programs in time for the national spending review, which sets out state spending limits for 2015-2016. But Britain's economic growth rate is anemic and the deficit has increased.

DEFENSE SPARED: Some departments, such as that dealing with local communities and justice, received cuts of 10 percent, while the defense and counter-terror programs budgets were unchanged. Cuts are coming in arts, sports, and other community programs while changes were broadly outlined to keep welfare spending in line.

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