The Met Police has already had to make savings of £769.4m between March 2011 and March 2015). Now it seems it is required to cut what is left by 40%. I can not begin to imagine how this can be done, certainly not without a very noticeable impact on service delivery.
This is from the Telegraph in December 2014 -
Lincolnshire chief constable, Neil Rhodes, warns that his force will be the first to fall under the current unsustainable funding arrangements
One of Britain's largest rural police forces will effectively go out of business within three years, its Chief Constable has warned.
Neil Rhodes, the head of Lincolnshire Police, said under the current funding arrangements, his force would be “unsustainable” by 2018 and will be the “first in the country to fall”.
From Channel4.com -
The overall police workforce (including officers, PCSOs and staff) dropped from just under 245,000 in March 2010 to just under 208,000 in September 2014.
I have read that numbers are set to drop by a similar level, to around 170,000, over the next five years.
I'd love to know how a private business could take over policing. Who would trust a private police service that was trying to squeeze a profit out of dealing with a serious road traffic accident, investigating a burglary or policing an anti-austerity demonstration in Parliament Square?
So I agree with you OP, I can not begin to imagine how these cuts can be implemented.