Osborne curbs welfare benefits

The newly unemployed will have to wait at least seven days before they are able to sign on, under a series of changes to welfare benefits announced by the Chancellor. A new welfare cap will be set from 2015 and OAP expats face losing fuel payments.

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What is the Chancellor's Spending Round?

The Spending Round is the Chancellor's opportunity to lay out his plans for public spending over the period from April 2015 to April 2016.

It is different from a Spending Review because it only refers to one year, rather than two or three.

At Budget 2013, the government confirmed the overall level of public spending for that period (the 'spending envelope'). The Spending Round is the process through which this envelope is allocated to government departments to pay for all areas of government activity.

Its purpose is to decide where cuts should fall, and how the £660 billion expected to be raised in taxes, and the extra £85 billion expected to be raised through borrowing, should be allocated.

Read more on the Treasury website.

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