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Britain to lose 50,000 jobs

London: Around 50,000 jobs will be lost in Britain in 2010 as a result of the Conservative-Liberal Democratic coalition government’s 6.2-billion-pound reduction in public spending, sending shock-waves among public sector establishments.

Chancellor George Osborne and treasury chief secretary David Laws said that these cuts are ‘only the first step’ towards repairing Britain’s public finances and ‘even tougher’ measures will follow later in 2010.

Among the most controversial announcements, the university budget will be slashed by 200 million pounds, while the local council grants will be slashed by 1.2 billion pounds.

Other measures include cancellation of 10,000 planned university places, scrapping of the 250-pound ‘baby bonds’ for the newborns and a complete freeze on civil service recruitment.

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