British Chancellor of Exchequer George Osborne is preparing to reveal the biggest programme of cuts in the UK for decades, in his long-awaited Spending Review today. Average budget reductions of 25 percent to most departments are expected alongside welfare cuts, following months of negotiations with ministers. Reports suggest nearly Five lakh public sector jobs will go by 2014-15. Yesterday Eight percent cuts to the defence budget were outlined separately in the strategic defence review. Mr Osborne has already announced plans to stop child benefit payments to higher rate taxpayers.