Tag: economics

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Cyprus savings levy: UK government to compensate troops and civil servants

By Sharon Black

George Osborne says military personnel and civil servants in Cyprus facing levy on savings will be compensated The government is to protect the savings of British military personnel and civil servants in Cyprus who were facing the prospect of a levy as part of the €10bn (£8.7bn) eurozone bailout on the Mediterranean island, George Osborne has announced.

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Defence secretary: I will resist further cuts

By Sharon Black

Philip Hammond says defending country should be first priority and that savings should be made from benefits bill first The defence secretary, Philip Hammond, has warned that he will resist further cuts to the armed forces in George Osborne’s forthcoming spending review. He told the Daily Telegraph that other Tory cabinet ministers believed the greatest burden of any cuts should fall on the welfare budget.