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Chancellor George Osborne has announced the government's four-year Spending Review to Parliament, revealing some of the deepest cuts in public spending in decades.
The key announcements:
* About 490,000 public sector jobs likely to be lost * Average 19% four-year cut in departmental budgets * Structural deficit to be eliminated by 2015 * £7bn in additional welfare budget cuts * Police funding cut by 4% a year * Retirement age to rise from 65 to 66 by 2020 * NHS budget protected; £2bn extra for social care * Schools budget to rise every year until 2015 * £30bn capital spending on transport * Permanent bank levy