Chancellor George Osborne has announced the largest spending cuts the UK has seen since World War Two with over £80 billion in cuts, to be phased in over the next four years. The cuts represent an average reduction of 19% in departmental funding.
Mr Osborne said: "Today is the day when Britain steps back from the brink, when we confront the bills from a decade of debt. It is a hard road, but it leads to a better future".
Leader of the Labour party, Ed Miliband, said the chancellor was taking an "irresponsible gamble" with the economy and "many of the frontline services people rely on".