THEY may have been some of the deepest cuts in public spending for decades, but the town’s most influential people say they are still confused over what will be happening and when.

Yesterday the Chancellor, George Osbourne, delivered the Government’s four-year spending review but business leaders in Swindon say there is still an air of mystery as to how it will effect them.

Among the key announcements that set tongues wagging at a meeting organised by the GWE Business West, where 20 business people gathered to watch the speech, were: 490,000 public sector jobs likely to be lost; the structural deficit is planned to be eliminated by 2015; there will be £7bn in additional welfare budget cuts; police funding is to be cut by four per cent a year; and that the retirement age to rise from 65 to 66 by 2020.

Swindon Council leader Rod Bluh said that there were no shock announcements in the review.

“I wouldn’t say that I was exactly happy with what I had heard but there wasn’t anything which surprised me,” he said.

“We had been told what was going to happen and now we shall have wait and see what the details are.”

Businessman Rikki Hunt said it was likely that if 490,000 jobs went in the public sector then the same number of people would lose their jobs in the private sector.

But he urged Swindon Council to take full advantage of any opportunities the spending review might bring.

“The Government is talking about building 150,000 new homes to help the social housing scheme, then I say build them here in Swindon. Let’s get on the bandwagon,” he said.

He also extracted a promise from Coun Bluh that the council would lead a taskforce of Swindon businesspeople to look at at possible opportunities for the town.

Other announcements included that administration costs were to be cut by £400m with 24 quangos axed; the Train To Gain programme is to be axed with university funding to be cut and reform of student tuition fees being reviewed.

However, there will be funding for 75,000 adult apprenticeships a year and this pleased Rob Beale, the chairman of the governors of Swindon College.

“I am pleased this funding is to continue because this is something we do particularly well in Swindon,” he said.

Nicky Alberry, the chairwoman of the GWE Business West, said she, too, was waiting to see what the details would be from the Chancellor’s office.

“But I am pleased the Chancellor spoke about the Government’s focus on growth which is essential to the economy,” she said.