Welfare payments account for a third of Britain's public spending. Now, radical cuts in welfare spending are drawing impassioned reactions among both critics and supporters.
The U.K. revealed the biggest overhaul to its welfare system in a generation. One major cut will be to crackdown on people who live in large houses but collect welfare payments.
The big news of the day is Fed Chairman Ben Bernanke's much-anticipated speech at Jackson Hole. Also, we fact-check a misleading campaign ad about welfare.