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PBR: Phasing in personal accounts will help make £5bn savings

The Chancellor Alistair Darling says that by putting off “lower priority” initiatives such as the phasing in of personal accounts he could make £5bn of savings.

The Chancellor unveiled the move in his pre-Budget speech today.

He said: “We need to focus better on those areas that make most difference to people’s lives.

“We have begun a root and branch review to examine every area of government spending to drive through efficiency, cut waste and cut lower priority budgets.”

“Today I am able to announce £5bn of savings from spending programmes, including: Phasing-in the roll-out of pension personal accounts.”

Other cost-cutting measures Darling said he would make in order to reach £5bn of savings include cutting back on the scope of major IT projects; reforming legal aid and outsourcing inefficient prisons; refocusing regeneration spending so it is spent where it is needed most;cutting the cost of residential care by supporting older people to stay in their homes.

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