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Chancellors Announcement

The Chancellor has announced outline details of the £6.2 billion cuts for the current financial year.  From our industry perspective this sees:
 

  • £320m from ending ineffective elements of employment programmes, including ending further rollout of temporary jobs through the Young Person’s Guarantee (the ‘Future Jobs Fund’) and removing recruitment subsidies from the ‘Six-Month Offer’.  This is the one to watch!
  • £270m from ending lower value RDA spending.
  • £80m from closing the British Educational Communications and Technology Agency (BECTA) and other savings in Department for Education quangos.  
  • Chief Secretary to the Treasury and Secretaries of State across Whitehall are re-examining all spending approvals made since the 1st January 2010, to ensure that they are consistent with the Government’s priorities of good value for money.  Doesn't say what this really means or what it covers.
  • £1.165 bn of savings will be made in Local Government by reducing grants to Local Authorities.

 The devil is in the detail, and so far the devil isn't saying very much, so watch this space.

Click here for the press release.


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