State investment in British business will be cut by £636m this year, as Chancellor George Osborne seeks to drive a "private sector recovery".
A total of £6.243bn of savings will be made by Chancellor George Osborne and Treasury Secretary David Laws across all departments, £243m more than previously thought, they said in a joint statement today. The full scale of the cuts to the Department for Business, Innovation and Skills (BIS) is £836m, but £200m will be "reinvested" by Business Secretary Vince Cable, leaving a cut of 3.9%. The cuts are expected to lead to a cull of regional development agencies in the South, quangos and some of the last-minute grants and loans extended by Cable's predecessor, Lord Mandelson. Laws sa...
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