BIRMINGHAM, England (Reuters) - Britain will launch an overhaul of the welfare system that will cost money at first but save in the long term, Prime Minister David Cameron said on Sunday as he stressed his commitment to cutting the deficit.
Welfare consumes a third of British government spending and finance minister George Osborne is looking for massive savings in the welfare budget as part of efforts to shrink the deficit from close to 11 percent of GDP to almost zero in five years.
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