Cable's business dept hit as Osborne wields £6bn axe - papers

The Business Secretary has agreed to find £900m in savings over the next nine months. He is expected to cull regional development agencies in the South, quangos and some of the last-minute grants and loans extended by his predecessor, Lord Mandelson, writes the Times. Dr Cable is to be allowed to recycle £200m of his savings, leaving his net loss at £700m - still the largest in Whitehall. Allies said that he was comfortable because he regarded tackling the deficit as an imperative and had questioned many of Lord Mandelson's spending decisions. FULL STORY...