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Britain's government unveils the harshest cuts for decades today, slashing billions of pounds in public spending and axing half a million jobs in a bid to tackle a record deficit.

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The comprehensive spending review is the biggest challenge for Prime Minister David Cameron's Conservative-Liberal Democrat coalition since it took power in May and is a major gamble for the future of the world's sixth biggest economy.

The government aims to cut spending by 83 billion pounds (130 billion dollars, 95 billion euros) by 2014-15, with the review expected to detail big welfare cuts plus reductions of 25 percent in many other departments.

George Osborne, the finance minister, will officially announce his plans to parliament at 1130 GMT and is expected to say that the austerity measures will map out "a hard road to a better Britain," according to reports.

The coalition says that to avoid a Greek-style financial crisis it needs to eliminate Britain's record 154.7-billion-pound deficit -- a legacy of the previous Labour government and the recession -- over the next five years.

The Labour opposition, unions and some economists say the cuts are too steep and risk plunging the fragile economy back into recession, which it emerged from at the end of last year.

Osborne is set to brace the public sector for nearly 500,000 jobs to be culled over the next four years -- a fact accidentally revealed by a Cabinet minister who was photographed reading confidential briefing papers.

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suprise suprise

retirement age rises to 66! £83bn cuts in public spending?! watching the news as the chancellor announces, WTF!!! knew it was coming but even if your not political this is going to affect everyone, parents, us, our children, only those retired can smile because they escaped. the future just got a little grimmer watch Britains blood boil! wheres the debts from? Afganistan? New nuclear power stations? Exempting bankers? sponsoring apartheid in Israel? New nuclear Subs? More incompetent police? slow working judicial procedures?oh yeah and deportation of people the government see as "threats" or drains but are really people trying to escape the destruction the last 2 governments have brought on others!