UK plans deepest cuts to spending in 60 years

The Cameron-Clegg coalition delivers again:

LONDON — The British government on Wednesday unveiled the country’s steepest public spending cuts in more than 60 years, reducing costs in government departments by an average of 19 percent, sharply curtailing welfare benefits, raising the retirement age to 66 by 2020 and eliminating hundreds of thousands of public sector jobs in an effort to bring down the bloated budget deficit.

“Today is the day when Britain steps back from the brink,” a confident George Osborne, who as chancellor of the Exchequer is Britain’s top finance minister, told the House of Commons.

“It is a hard road but it leads to a better future,” he said, but “to back down now would be the road to economic ruin.”

He said that 490,000 public sector jobs would be lost over the four-year savings program and the size of government departments in London would be cut by one third. Public spending would be cut by around $130 billion by 2015.

Awesome!