I'd cut trident, CTC and WTC for those earning over 40k, child Trust fund, raise retirement age NOW to 66, and add a yearly increase every 5 years till it's around the 72 mark.
I would freeze public sector pay for those earning more than 30k, cut quangos. Raise income tax by about 5% for all but the lowest earners. Get rid of EMA, but allow kids over 13 to work PT if they want (good experience).
Get rid of expensive managers in the NHS, get doctors and nurses to run the place, they know it best. Stop expensive and pointless new initiatives in schools, scrap the NC, let teachers teach! Like wise ofsed and league tables. All kids go to their nearest school, if it's a bad school, parents can help to improve it, and LISTEN TO THE TEACHERS/TAs instead of government who have NO experience of school environment except as a student.
Like the idea of paying full fees for over most higher ed, but totally free for courses in sectors where there is a shortage in the job market, they have something like that in France.
I also think it's a good idea to make people on JSA do some kind of social repayment, ie charity work, or work fair, unless they are studying/training, and there should be a limit on the studying, as I know of people who use study/training as an excuse for years on end. However, I suspect this would cost more.