That should really help an already bad economic environment. And the Tories actually think this is a good thing.
Britain will cut 490,000 public sector jobs over four years under austerity measures designed to reduce the country's record deficit.
George Osborne, the finance minister, told parliament on Wednesday that the job losses were "unavoidable when the country has run out of money".
"Today is the day that Britain steps back from the brink. It is a hard road but it leads to a better future," he said.
