Conservative Party Conference: George Osborne Vows £10bn Benefits Reduction

Conservative Party Conference: George Osborne vows £10bn benefits reduction

Written on:October 8, 2023

George Osborne’s pledge to trim the welfare bill further will rankle the Lib Dems

Chancellor George Osborne has voiced to the Conservative Party Conference in Birmingham that the UK government is determined to trim an additional £10bn from the ‘benefits budget’ in order to counter the stubborn problem of deficits, which have been wounding the UK economy.

George Osborne, whose governmental position has prestigiousness as well as powerfulness, has remarked that the well-heeled UK people would have to shell out higher taxes but the budget couldn’t be balanced on ‘the wallets of the rich.’

One solution presented by Osborne was reducing the amount of children in a family, who should be backed by State benefits. The MP for Tatton has struck down the Lib Dem suggestion that a levy be positioned on high-value properties.

The Chancellor has asserted that an additional £16bn of savings would have to be collected by 2015/2016 to achieve his target of evening out the budget within five years.

The Conservative Chancellor had already truncated £18bn from the ‘welfare budget’ in 2010. The truncation of another £10bn, announced by Osborne at the Conservative Party Conference, is certain to pinch the UK public in this recessionary weather, especially those UK residents, who have been used to obtaining a substantial benefits package from the governments in the past.

Osborne adamantly defended his plan to further truncate the welfare budget. He stressed to the delegates at the Conservative Conference that the Coalition would complete the job it started.

As per Osborne, the UK economy was undergoing ‘healing’ but slowly. The rationale behind this, in accordance with Osborne, was that the Coalition inherited a really damaged economy in 2010.

Osborne expounded suggestions for pruning the welfare bill such as restricting housing benefits for the under-25s. This is to ensure that the young people have to remain at home if they are jobless. Osborne alluded to the possibility of additional limits on child tax credits. Benefit hikes could be lower than the inflationary rate.

These announcements of Osborne are bound to infuriate the Lib Dems and the Labourites, who will accuse the Conservatives of hammering the poor in their bid to reduce deficit.