The Department for Business, Innovation and Skills loses another £450 million.
A further £4.5 billion will be cut from public spending during the current year, the chancellor of the exchequer has announced.
Addressing MPs as part of the Queen’s Speech debate, George Osborne said that the savings would come from the sales of assets and the identification of underspends and efficiencies. The government’s remaining stake in the Royal Mail will be sold. However he failed to mention any sale of the student loan book, which was supposed to fund the uncapping of undergraduate numbers in England.
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