According to the reports of `Financial Times' the Chancellor of UK Mr. George Osborne wants to cut the jobs by 25% at the Treasury department to 1000 from 1350 in next four years under the process of natural attrition of the government.

According to the economic experts, the Chancellor must be willing to make savings in the departmental budgets by cutting the jobs.

Mr. George Osborne has decided to spread the warning speech to the big banks by taking into account the chancellor's annual Mansion House speech. According to his warning message he wants to convey that the biggies may have to pay for the damage which they had passed on the British economy and sooner or later have to repent for this.

The Welsh budget will be reduced by £162.5m as a fraction of the £6.2bn expenditure reductions made public by Chancellor George Osborne.

That Wales Office pronounced the figure as Mr. Osborne said vital and urgent action was desirable to deal with the budget deficit.

It said that second hand reserves valued at £24.4m will lessen the impact from the original number of £187m.