British government must cut its spending budget by 14 percent, Chancellor of the Exchequer George Osborne said Wednesday, reported USA Today.
Britain will cut half a million jobs, reduce welfare payments and raise the retirement age as part of their efforts.
This will be Britain's biggest cut in spending since WWII, msnbc.com reported. It is part of the country's five-year austerity plan.
Osborne ordered 83 billion pounds in spending cuts through 2015, and a tax increase to end a spending deficit that reached 156 billion pounds last year.