The UK faces deeper cuts after 2015 as the annual savings needed to meet the Government’s austerity programme are set to almost double to £48bn.
Analysis by the Financial Times shows despite claims by Prime Minister David Cameron that most of the cuts to public services have been achieved, less than half the necessary reductions have been made.
Cameron said last month there is £25bn a year still to be removed from Government departmental budgets.
But based on the Office for Budget Responsibility’s Budget figures from March, the FT argues that outside of the ringfenced health, schools and overseas aid budgets, non-protected departments face cuts of 33 per cent. This compares with the 21 per cuts in 2009/10 and 2014/15.
The FT says the level of cuts needed are higher because the Government’s spending plans do not take into account planned cuts in two years out of nine, and that increased spending on pension payments for rising numbers of pensioners has also not been factored in.
The OBR and the Treasury declined to comment.