Prime Minister David Cameron has outlined the extent of the cuts to be revealed in the Government's October Spending Review.
In an article for the Sunday Times, Cameron begins with a reassurance that better schools and improved infrastructure will remain a priority.
However, he goes on to outline an economic plan full of cuts, waste-reduction and privatization, claiming: "I don't like that any more than anyone else."
Cameron says "no sum of waste is too small to escape the microscope of efficiency," and the Government is "having a root and branch audit of recent public spending so that we can learn the lessons of the past... and cut out waste".
Next, the Prime Minister attacks welfare and tax credit fraud and errors, which he claims "cost the Government £5.2bn a year," and must be dealt with.
Cameron goes on to tackle public spending, referring to "tax credits for families in the middle income bracket" as "acceptable in the good times, unaffordable in the bad times," and explains benefits such as these will no longer be "as high a priority as they were".
Lastly, Cameron concludes with an action plan to increase cash flow into the UK with what he describes as a "boldly ambitious growth plan." This includes "significant cuts to corporation tax and red tape," as well as efforts to attract foreign investment and trade with British businesses.
The Prime Minister also says over the coming months the Government will be "setting out some other creative ways we can raise revenue by selling off or better utilizing some of the assets owned by the British taxpayer".
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FOS award limit increase
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Ceremony will take place 13 November