The United Kingdom government austerity programme is a series of sustained reductions in public spending, intended to reduce the welfare state.The cuts have affected welfare and other public institutions. However, the NHS, education and later the defence budget were ringfenced and protected from spending cuts.ts original stated goal was to, achieve cyclically-adjusted current balance by the end of the rolling, five-year forecast period.. At the June 2010 budget, the end of the forecast period was 2015-16. However, in 2014 the Treasury extended the proposed austerity period until at least 2018.