Conservatives say to slash welfare in next austerity phase

BIRMINGHAM, England: The government would cut an extra 10 billion pounds a year from its welfare budget and slash spending across the board in the next phase of austerity if re-elected, Chancellor George Osborne will say on Monday.

The 2015 election is likely to be decided on the health of the economy, how fast the deficit should be tackled and what areas of spending and taxation each party would focus on to balance Britain's bloated public finances.