Austerity in the U.K. is continuing despite its continued economic growth, with Chancellor of the Exchequer George Osborne seeking budget cuts between 25 and 40 percent to some government departments.
With education, health, defense and foreign aid ring-fenced from cuts in his Conservative Party’s electoral promises, Osborne is looking for big reductions elsewhere. He is expected to update further on where the axe will fall on November 25.
One way of partly addressing the U.K.’s budget deficit, which is still one of the largest among its peers in the world’s advanced economies, could be to embark on a sale of government property assets.
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