Britain set out a four-year plan of drastic spending cuts Wednesday that could lead to nearly 500,000 job losses in the public service sector, Chancellor of the Exchequer George Osborne, said, DPA reported.
Osborne told parliament that the savings, to be implemented between 2011 and 2015, would pull Britain back from the "brink of a decade of debt."
"To back down now and abandon our plans would be the road to economic ruin ... We will secure our country's stability. We will not take Britain back to the brink of bankruptcy," said the Conservative Chancellor.
He confirmed expert forecasts that around 490,000 jobs could have to be sacrificed in the public sector, but added that most of the reduction would be achieved through "natural turnover, by leaving posts unfilled as they become vacant."
All government departments have been told to expect budget cuts of between 25 and 40 per cent under the government's plan to save 83 billion pounds (130 billion dollars) over four years.