Chancellor of the Exchequer George Osborne

Chancellor of the Exchequer George Osborne

Simon Dawson/Bloomberg

The figures come as Chancellor of the Exchequer George Osborne prepares to outline 11.5 billion pounds of cuts to government departments for the 2015-16 fiscal year after weaker-than-forecast growth forced him to prolong his austerity program beyond the 2015 general election.