Britain's finance minister unveils a package of harsh spending cuts

People across the Britain awoke this morning in the knowledge that there would be hardship ahead for the country after the government on Wednesday unveiled the sharpest cuts to public spending since World War II.

Finance Minister George Osborne announced measures including slashing benefits and cutting public sector jobs.

Osborne confirmed there would be 81 billion pounds in spending cuts through 2015, which he claims are necessary along with some tax increases to wipe out a spending deficit of 109 billion pounds.

As many as half a million public sector jobs will be lost, about 18 billion axed from welfare payments and the pension age raised to 66 by 2020, earlier than previously planned.