UK Tories see best chance in 18 years to cut welfare bill

London

PRIME Minister David Cameron's Conservatives have their best chance in almost two decades to remould Britain's economy next week, in their first Budget statement after an unexpectedly decisive election victory.

Freed from needing the support of their former coalition partners, the Liberal Democrats, Conservatives want to reduce borrowing faster this year and set out plans to cut the annual welfare bill by £12 billion (S$25 billion).