LONDON (Reuters) - Britain needs to cut 25 billion pounds ($41 billion) in spending after next year’s election to reduce borrowing, finance minister George Osborne said on Monday.
Osborne will stress in a speech later on Monday that the job of reducing Britain’s budget deficit is far from done.
“We need to find a further 25 billion pounds of cuts after the election. We have to make decisions about where those cuts are to be found,” Osborne said in an interview with the BBC.
The welfare budget is likely to bear the brunt of further cuts, the finance minister said.
“This enormous welfare budget, that ultimately is where you can find substantial savings,” he said.
($1 = 0.6083 British pounds)
Reporting by Sarah Young; editing by Guy Faulconbridge