Spending on goods and services will also be cut by about £474 million.
At least 179 police stations will also have closed by 2015, and 264 stations will have lost their front counter, HMIC said.
Sir Denis added that police stations, even those which offered no public access, were often seen as a reassuring sign of control in communities.
These will be replaced by 137 police access points in "shared locations", such as supermarkets, it said.
More top news
ITV News' team of political correspondents sum up the final, frantic push for votes in the general election before the polls open tomorrow.
Rain continues across Scotland and parts of northern England tonight, drier overnight and cool for everyone
A summary of the day's election campaign stories in under one minute.