The big argument between Labour and the Tories during the election was whether to cut spending immediately or wait a bit. The Labour party argument was that cutting spending now may harm the "recovery" while the Tories claimed it was vital to make cuts at the earliest opportunity to boost confidence.
To be honest, my own personal views crossed into both camps. Cuts in public spending are absolutely essential if we are ever going to get out of this economic mire the Labour Party have landed us in, but you either cut hard or don't bother - and a measly £6 billion off of a deficit of £165 billion is not going to make a blind bit of difference.
Remember, this is not making any difference to our growing debt problem - we're talking about the budget deficit here, not the national debt. In other words, we're talking about knocking a tiny off of the amount we're overspending. The 6 billion quid that Osborne hopes to save will be swallowed up by interest payments on the amount he is still having to borrow.
Think of it this way - your credit cards are almost maxed out, but each month you are still putting another £165 on them and all you resolve to do is cut that to £159 a month - and you still get clobbered for another £80 in interest.
It's as pointless spending £6 billion less in the government terms as it is spending £6 less in that scenario I just mentioned - it is nothing, It is a feeble and pointless amount and Osborne may as well not bother. And thanks to the coalition with the Lib Dems, the Tories have abandoned their plans to cut the taxes that might have given some stimulation to the economy (the £10,000 tax threshold will not make a difference if employers are still getting hammered on National Insurance).
My view is that you either cut now and cut substantially - I mean 50% or more not 3,5% - and plough many of those savings into tax cuts or you leave alone and take the opportunity to borrow money while you can to start investing in the things that will ensure your future - industry, infrastructure and energy - because, sooner or later, Britain will default on that debt or face hyper inflation (or both) and then nothing will make a difference.