UK's Welfare System Targeted for Cuts

UK Chancellor George Osborne discloses that the government has targeted welfare benefits, tax credits and public sector pensions for spending cuts.

It is the first time that Britain's welfare system has been identified for targeted cuts, with Osborne vowing to "comprehensively" scrutinise each area planned for cuts.

Specific cuts will be made to Britain's child benefits, disability payments, and unemployment benefits.

Mr. Osborne's announcement was followed by an announcement by Fitch, one of the world's largest credit rating agencies, that spending cuts of £86 billion over the next five years are needed for Britain to maintain its reputation with international investors.'

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