Britain’s finance minister George Osborne has unveiled how he plans to cut $130-billion out of Britain’s budget over the next four years. Most government budgets will be cut by about 19 per cent, which is less than the 25 per cent cut many had predicted. The savings will partially be achieved through the end of 490,000 civil service jobs. There will be significant cuts to public housing and welfare, though things like free eye tests, winter fuel subsidies, TV licenses, and bus service remain intact. The government will also save money by gradually raising the age to collect a pension from 65 to 66, by 2020. The National Health Service’s budget remains untouched, though it was told to find efficiencies in order to pay for rapidly rising drug costs. The schooling budget was the only significant increase. Britain’s deficit is currently $177-billion, which is 11 per cent its GDP and the largest in the G8.