Spending Review 2010: Osborne sets out "unavoidable" choices

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- There will be £6bn of savings in administrative costs in government departments with each government department cutting their spending by a third on administration costs. There will be 490,000 job losses over four years.

- The Treasury budget will be cut by a third.

- There will be a 7.1% reduction in funding for councils over the next four years.

- We will have to wait until next month for each government department to publish a four year "business plan" to how they are going to implement cuts.

- Tomorrow there will be a permanent levy on the banks introduced.

- £900m will be spent on clawing back on tax evasion and fraud to try and collect £7bn.

- Retirement age will be 66 by 2020.

- 150,000 "affordable" homes to be built in next four years

- Interest on national debt to reduce by £5bn over next four years

- £7bn savings through welfare reforms

- Cold weather payments for pensioners to be made permanent

- Equitable Life victims to be given £1.5bn, two thirds of which will be found in this Spending Review period. The scheme will start paying out next year.

- more funding for adult apprentices

- £324m of efficiency savings in "protected" science budget

- funding for flood defences to protect 145,000 homes

- the Department for Energy and Climate Change to reduce its budget by 5%

- school budget to increase from £35bn to £39bn