george is born announced plans savings of 81 billion pounds -- george osborn announced savings of $81 billion. nearly half a million jobs were lost across the public sector and pension age will increase to 66. >> this cutts to the heart, chancellor. >> the chancellor left the treasury promising not to cut overseas aid. months later he was saying he was determined to stick with plans to reduce the budget deficit. >> we have 109 billion pounds, the largest budget deficit in europe at a time when the whole world is concerned about high deficits and our economic stability depends on relaying those concerns. to abandon our plans now would be the road to economic ruins. we will stick to the course, we will secure our stability, we will not take great britain back to the brink of bankruptcy. >> george r. osborn announced $130 billion worth of cuts. half a million jobs will be lost and the bill for policing will be cut by 16%. he announced the state pension age would rise to 66, the welfare budget would be cut by $10 billion, and spending at the foreign office would be cut by 24%. >> some mem

. >> georgia osborn will unveil a package of cuts in two weeks -- george osborn will unveiled a package of cuts in two weeks. >> when the debts left by labour threaten our economy, when our costs are of control, this measure makes sense. >> many agree with that but certainly not all. perhaps they were here last year and remember what he said then. >> we will preserve child benefits and free tv licenses. they are valued by millions. >> child benefit will not now be preserved for all. if one parent in a family earns more than 44,000 pounds a year and pays high rate tax, they will lose child benefits from 2013. to parents earning less than that will keep the benefit. even here amongst tory activists, mums take for granted the benefit is something they paid towards. >> i was [unintelligible] as a mother, disappointed an d d angry. >> the families that produce headlines like these, the product state he says it is unaffordable and morally indefensible. >> we need to make them think again. unless they have disabilities to cope with, no family should get more from living and benefits than the a

george osborn has told parliament that the savings are essential to drag britain back from what they called the economic brink. many government departments will lose one-quarter of their budgets. he will get much more on that and international news online at bbc.com. meeting in touch with myself and most of the team on twitter. thank you so much for watching. >> hello and welcome. >> see the news unfold, get globe and click to play video reports. go to bbc.com/news to experience the in-depth, expert reporting of "bbc world news" online. >> funding was made possible by the freeman foundation of new york, stowe, vermont, and honolulu. newman's own foundation. the john d. and catherine t. macarthur foundation. and union bank. >> union bank has put its global financial strength to work for a wide range of companies. what can we do for you? >> there is one stage that is the met and carnegie hall. >> o, that this too, too solid flesh -- >> it is the kennedy center. >> check, one, two. >> and a club in austin. >> it is closer than any seat in the house, no matter where you call home. >> the

george osborn says they are essential to bring britain back from the economic brink. from the opposition labor party, it was cold a reckless gamble with people's livelihoods. mr. osborn announced planned savings of 83 billion pounds, about $130 billion, over the next four years. they announced a 9% cut in the budget, although public health is protected. the pension age will increase to 66 by 2020. >> the chancellor left the at treasury and having promised not to cut overseas aid or the national health service, but with plenty of other budgets in his sights. he arrived with plans to reduce britain's massive budget deficit. >> we have the largest structural budget deficit in europe. this at a time when the whole world is concerned about high deficits and our economic stability depends on allaying those concerns. to back down now and abandon our plans would be the road to economic and ruin. we will stick to the course. we will secure our country's stability. we will bring britain bought from the brink of bankruptcy. >> in total, he announced $137 billion worth of spendin

george osborne knows that the stakes of his leap into the unknown are great. he only tweaked his overall deficit plans today, adding an extra two billion pound wedge of capital spending. he staked the coalition's$x reputation on going faster and deep we are cuts than labour said was wise and he's gambled that the pain was l seem worthwhile in four and a half year's time. >> brown: for more on all of this we turn to ned temko in london. he's a writer for the british paper, "the observer," and recently completed a book on british politics. and here in washington, zanny minton beddoes is economics editor at "the economist" magazine. ned temko, to you first, the new coalition government had said it was going to take strong action but did the size and scope still jar people there? >> i think it was incredibly dramatic even though a lot of it had been trailed ahead of time simply because of the scale of it. it amounted to something like 83 billion pounds in total of spending cuts. the equivalent of something like 135 or $140 billion which by some distance is the lar

. >> chancellor of the exchequer george osborne unveiled the plan before parliament on wednesday. under the new plan the government of prime minister david cameron plans to reduce its deficit to around 1% of its gdp by 2015. the plan calls for cutting the defense budget and studying the country's social welfare programs, including putting a cap on child benefit payments. the government said the cuts may lead to savings of 81 billion pounds. authorities have already decided to raise the value-added tax by 2.5% to 20% next year. >>> the federal reserve says the u.s. economy continued to expand but at a modest pace between the september and october period. the fed's business survey, or so-called beige book from 12 regional banks was released on wednesday. the survey said retail spending slightly improved in some regions but consumers remained price conscious. they're largely limiting purchases to necessities. it also said the housing market is still weak. as for jobs, the report said hiring remained limited. many firms are reluctant to add to permanent payrolls given the weak economy

i think actually george osborne should have gone further with the let's put it into perspective by two thousand and fourteen fifteen overall government spending will only have fallen by about three percent so this is actually a very tiny cut so i think you should have gone further he's relying on economic growth and rising tax revenues to make up the deficit reduction and he actually this is a big gamble because we can't rely on economic growth because for the next year i'm really always going to be problems to face a very severe curse but it is definitely patrick and let's not. but as well that every pound the government is taking from the private sector in either taxation or borrowing so you're not actually taking money out of the economy i mean we've seen huge number of job losses in the private sector during the recession and at the same time the public sector of expanding in pensions when welfare benefits went up so you need to really restore the balance in the economy and we've had a huge transfer from the productive private sector to the non productive public sector and this is

i think actually george osborne should have gone further with the let's put it into perspective by two thousand and fourteen fifteen overall government spending will only have fallen by about three percent so this is actually a very tiny cut so i think we should have gone further he's relying on economic growth and rising tax revenues to make the bulk of the deficit reduction and he actually this is a big gamble because we can't rely on economic growth being strong for the next year when really but by recovery that. you mentioned the dates two thousand and fourteen two thousand and fifteen will by then something like over five hundred thousand public sector jobs will be lost what will happen to those people obviously some will be retired off but surely those people will be have to be absorbed back into the jobs market if not they'll need unemployment benefits so surely that's going to cost the government even more isn't it with all those people out of work well again i mean there are actually six or seven million public sector works in the u.k. so this is five hundred thousand spread o

it's directly in scope for the george osborne's comprehensive spending review. i'm not saying it's going to be singled out but it's paid for by the uk government as a grant in aid by government. it's not paid by the license fee. it's in scope for that review and we will find out in the next ten days or so whether, what's going to happen to its funding. it's going to be tough, certainly yes and by how much. that comes up right away. next year the coalition government will turn to the issue of the next five years at the level of the license fee. so there's, there will be a big debate next year. >> charlie: they will make the argument it ought to be increased or decreased, the license fee. >> i'll take a wild guess here. it's unlikely in a broader climate of public spending in the uk the government's going to be arguing for a big increase. >> charlie: that would obviously be the answer. on the other hand -- >> the thing about the bbc is -- it remains very popular and it remains a very good way of investing into the creative industries. a large part of what the bbc,

chancellor of the exchequer george osborn will release the details of the spending cuts in his budget report on october 28. other topics include withdrawing british combat troops from afghanistan by 2015 and forming a coalition government with the liberal democrats. prime minister cameron took power in may defeating or ben brown who stepped down after the labor party lost the general election -- defeated gordon brown who stepped down after the labour party lost the general election. this event is just over one hour. [applause] >> thank you. [applause] ladies and gentlemen, i have waited 13 years to say this particular sentence that i am about to say. please welcome, along

it took us out of the danger zone -- and the man we have to thank for that is george osborne.he world has backed us. our credit rating -- the mark of trust in our economy -- has been preserved. the international monetary fund, the g20, yes even the eu. they support what we're doing. there's just one group of people who don't, you guessed it, the people who mortgaged britain to the hilt in the first place -- labor. labor's plan is just to halve the deficit over four years. let me tell you what that means. it means that even after years of cuts, not only would the national debt still be growing, it would be growing as a share of our national income. the problem would still be getting worse. and as a result, the cuts would be bigger, not smaller because the interest payments on that debt would be higher. that's why it's right to deal with this problem now, and right to deal with it properly. and i promise you that if we pull together to deal with these debts today, then just a few years down the line the rewards will be felt by everyone in our country. more money in your pocket.

george osborne says slashing benefits for more than half a million public jobs and raising taxes are necessary to wipe out the big financial deficit. c-span is covering this house of commons me to. you can hear it later in our schedule. those are some of the latest headlines. >> the c-span at worst, providing coverage of politics, public affairs, non-fiction books, and american history. it is available on tv, radio, online, and on social networking sites. you can find content any time on a trip c-span library. we take it on the road, bringing resources to your committee. now available in more than 100 million homes, created by cable, provided as a public service. >> it is time to get your camera rolling for this year's student cam competition. lake of 5 minute up to end 8 minute video on this thing. talk to was about an issue or topic that helps you to better understand the role of the federal government in your life or committee. include more than one point of view along with the c-span programming. the deadline is january 20. you have the chance to win a grand prize of $5,000. ther

missiles and bombs spearhead, has 30 days to call off the deal pleas britain's treasury chief george osborne128 billion in spending cuts over the next 5 years. it means britain will reduce police forces, pay less to those without jobs and send even the royal mint faces cutbacks: it will use cheaper metals in british coins in an attempt to deliver savings. even queen elizabeth ii will take a hit, asked to trim the budget the government provides for her staff by 14 percent. in france als to continue spit protesters on the collision course over pension reform. a final senate vote on this bill could come as early as today. it would increase the minimum age to retire to 62. many gas stations are being blocked. a couple of air attack been blocked. unions will decide whether they will call another national day of action. we'll be back with more of a moment. clouds are drifting by trying to get a way to sunshine. i spend three hours on my homework -- or at least that's what my mom thinks. with high speed internet from at&t, i get my homework done fast, leaving me time to download movies and music an

let's first listen to the treasury chief from great britain, george osborn, as he announced the measures. >> today is the day when britain's steps back from the brink. when we confront the bills, decades of debt. when we set up a four-year plan to put our public services and welfare state on a sustainable footing for the long term. so that they can do their job, providing for families, protecting the vulnerable and underpinning a competitive economy. it is a hard road, but it leads to a better future. we are going to bring the years of ever writing borrowing to an end. we will ensure, like every solvent household and the country, that what we buy, we can afford. that the bills we concur, we have the income is to meet. and we do not saddle our children but the interest on the interest on the interest of the debt that we were not prepared ourselves to pay. battling this budget deficit is unavoidable. the decisions about how to do it, are not. there are choices, and today we make them. investment in the future, rather than the bills of past failure, that is our choice. we have chosen to spe