Deep cuts to many government departments and up to half a million public sector jobs in jeopardy. Chancellor George Osborne stressed that "we are all in this together" as he unveiled the government's Comprehensive Spending Review.
So what was annnounced? Here are the key points.
Overview
Overall savings: department cuts will amount to 19% over the next four years, rather than the 25% the chancellor had originally anticipated
National debt: debt interest payments will be lowered by a total of £5 billion over the course of the review
Treasury savings: overall budget will be reduced by 33%
Whitehall savings: originally pegged at £3 billion, these will in fact be £6 billion
Job losses: public sector job losses estimated at 490,000
Bank levy: permanent bank levy to be introduced
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