The Spending Review 2010, published today, is expected to be tough as Chancellor George Osbourne details £83 billion of reductions to tackle the deficit, which will see nearly 500,000 public sector jobs culled over the next four years.

Most departments will have their budgets slashed by 25 per cent in the spending review and many jobs will be lost in the process.

‘Universal’ handouts such as child benefit and winter fuel payments may be cut as well as an expected crackdown on sickness and housing benefit.

With the country biting its nails over what spending cuts will be announced in today’s review, book makers Paddy Power has turned its attention to the all-important matter of how much water George Osbourne will drink during his speech.

The bookies are offering odds of:

4/5 that the Chancellor will speak for 45 minutes or less as he outlines the spending review 2010.

10/11 that the Chancellor will take no sips of water as he announces the spending cuts.

7/4 that Osbourne will say ‘cut’ between four and eight times.

We’ll be on the edge of our seat…

Tags: Spending Review 2010, Comprehensive Spending Review 2010, Chancellor, George Osbourne, spending cuts

– Frankie Mullin