The UK Chancellor George Osborne is presenting a so-called 'Summer Budget' on Wednesday, during which he will sketch the details of his plans on reducing fiscal deficit during the current parliament. A part of this aggressive public finances consolidation scheme is a marked trimming of as much as £12 billion from the welfare system over the coming two years, such as tax credits and housing benefit cuts. "We have found that 12 billion pounds of savings in welfare that we said we'd be able to find ... We've got to have a welfare system that is fair to those who need it, but also fair to those who pay for it," Osborne ... (full story)