Bonfire of Quangos set to save £2.6bn.

George Osborne may have been left dissapointed by the recent borrowing figures but he will certainly be impressed by one set of statistics at least.

Latest figures show that Francis Maudes' much trumpeted bonfire of the quangos which has already saved £1.4 Billion since 2010 is set to save the country a further £1.2 Billion by 2015.

A total of 106 quangos have been closed so far since 2010 and a further 98 face the chop by 2015.

The £2.6 Billion saving to date is the equivalent to £150 per working household in Britain.

Mr Maude told tbg.: "In 2010 we inherited a bloated quangocracy that had spiralled out of control."

"We have since legislated long-overdue reforms by closing unnecessary public bodies and there's plenty more to come."