The coalition government has decided to cancel 12 projects which are worth of 2 billion Euros. The former labour government as has initiated these projects since the beginning of the financial year 2010. The Chief Secretary of the Treasury Mr. Danny Alexander has said that the projects include new programs for the young and unemployed people and an 80 million Euros loan will be provided to the Sheffield Forgemasters.
Mr. Alexander has said that these cuts were so necessary to tackle the budget deficit and these projects could be done later. The labors have accused him of making their jobs and the industries in insecurity. He has also said that the government is keen on tackling the budget deficit but the previous government had done a complete mess due to their bad financial management techniques.
As a result of the poor decisions making by the previous government the current government is bound to cancel the projects which do not represent proper value for money. The current government has reviewed217 projects and 12 projects have been cancelled.