George Osborne vows to cut public spending immediately‏

While steps to reduce the current deficit are to be welcomed, and Ozzy's cuts seem to be well targeted, it's pretty small fry. But it is a start and a couple of steps in the right direction. Funding for the better off should be cut first, those in need suffering last.
There is a big question around when to cut what, as the promised cuts will endanger the recovery, but they need doing. The options are a slow relaxation of spending or a 'slash and burn' approach reminiscent of the early 80s. I can't help but feel that the Tories are caught between both.