So the long slog of fiscal consolidation begins today.
And the new government has got off to a good start by delivering the £6.24bn in savings through cuts in the cost of government itself.
Because it's a big spending the deparment, the Department for Business was never going to be immune from the tough decisions.
Where EEF have concerns, however, is the uncertainty around investments in energy security: where commercial contracts are involved, the government need to fairly quickly provide some certainty for the companies concerned.
As our Chief Executive, Terry Scouler, said today,
“The task of repairing the public finances is a significant one and we don't have to look too far to see what happens when governments don't act quickly to address deficits.
“Given the tough decisions it faces the government is right to make an early start and proceed with a focus on reducing the cost of government and ensuring value for money. The Efficiency and Reform Group should formalise the process of bringing transparency to what should be an ongoing process of improving public sector productivity.
“However, the decision to freeze funding for frontline investments from the previous government’s Strategic Investment Fund could have significant consequences on investments already underway. Where commercial interests are involved these must be resolved as quickly as possible.”