UK Slates 500K Public Sector Jobs for Cut

Chancellor George Osborne has unveiled the biggest UK spending cuts for decades, according to a report by the BBC. On the chopping block: up to 500,000 public sector jobs, which could go by 2014-15 as a result of the cuts program, according to the Office for Budgetary Responsibility.

Osborne attributes the necessity of the landmark cuts to simply -- the country is out of money to spend.

Government departments facing major cuts to their budgets include the Home Office, over 6%, including a 20% cut in government funding for police over four years, the Foreign Office, facing 24% cuts, and the Cabinet Office, which will see its budget slashed by 35%.

The latest cuts come on the heels of an announcement of major cuts to the nation's military budget.