Reuters: US Dollar Report: UK to cut government budgets to boost capital spending

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UK to cut government budgets to boost capital spending Mar 19th 2013, 12:42 LONDON, March 19 | Tue Mar 19, 2013 8:42am EDT LONDON, March 19 (Reuters) - Britain will trim the budgets of some government departments by one percent a year over the next two years to raise money for capital spending, Prime Minister David Cameron's spokesman said on Tuesday, a day ahead of the annual budget. "That will save us cumulatively almost 2.5 billion pounds ($3.8 billion) over the next two years. It is also allowing the recycling in the short term of money into capital spending, which is an important part of the government's agenda," the spokesman told reporters.

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