After months of negotiation, Conservative Finance Minister George Osborne confirmed he would press ahead with almost all the spending cuts he had outlined in a Jun budget.
"Tackling the budget deficit is unavoidable. The decisions about how we do it are not. There are choices. And today we make them. Investment in the future rather than the bills of past failure. That is our choice," Osborne told parliament.
However, Economists are split off with the drastic decision and argue that Britain would be back to severe recession.
Osborne continue to assert saying, "the state pension age for men and women will rise to 66 by 2020 and by the end of the next parliament will save over 5 billion pounds ($7.9 billion) in a year."
Despite protest and agitation by the public, Osborne said he has no choice, given the need to cut a record budget deficit of 11 percent of Gross Domestic Product (GDP) to around 2 percent in 5 years.