Budget 2012: Further cuts to welfare costs

clock

The Government is set to curb welfare bills by £10bn over the next four years.

Chancellor of the Exchequer, George Osborne, said in today's Budget speech's opening remarks that, despite the passing of the Welfare Reform Act, the welfare budget is set to rise to consume one third of all public spending.

He added: "If nothing is done to curb welfare bills further, then the full weight of the spending restraint will fall on departmental budgets.

"The next Spending Review will have to confront this.

"So I am today publishing analysis that shows that if in the next Spending Review we maintain the same rate of reductions in departmental spending as we have done in this review, we would need to make savings in welfare of £10 billion by 2016."

He added that the Government was set to publish a white paper on social care, as it addressed the rising costs of an ageing population, and the burden this places on future generations.

More on Group Protection

Employers' NI increase slowing group risk growth: Swiss Re

Employers' NI increase slowing group risk growth: Swiss Re

Group Watch report findings

Cameron Roberts
clock 23 April 2026 • 2 min read
UK unemployment rate drops to 4.9% in February 2026: ONS

UK unemployment rate drops to 4.9% in February 2026: ONS

Number of payrolled employees fell by 74,000

Cristian Angeloni
clock 21 April 2026 • 1 min read
Canada Life adds Perci Health to group CIC

Canada Life adds Perci Health to group CIC

Cancer support

Cameron Roberts
clock 20 April 2026 • 2 min read

Highlights

COVER Survey: Advisers damning of protection insurer service levels

COVER Survey: Advisers damning of protection insurer service levels

"It takes longer than ever to get underwriting terms"

John Brazier
clock 12 October 2023 • 5 min read
Online reviews trump price for young people selecting life and health cover

Online reviews trump price for young people selecting life and health cover

According to latest ReMark report

John Brazier
clock 11 October 2023 • 2 min read
ABI members with staff neurodiversity policy nearly doubles

ABI members with staff neurodiversity policy nearly doubles

Women within executive teams have grown to 32%

Jaskeet Briah
clock 10 October 2023 • 3 min read