Media watchdog Ofcom will see its total budget reduced by nearly 30% over the next four years, the organisation has revealed.

As part of public sector budget cuts, the organisation will look to make a budget reducation of 22.5% this year, with a budget of £115.8 million – saving £26.7 million, having begun a spending review over a year ago.

The review was concluded in October, with ‘efficiency savings’ planned by the end of the financial year (tomorrow) – contributing a saving of £14.9 million to last year’s budget.

Ofcom has said that other savings have been made as a result of a change in responsibilities in delivery Digital Participation and delaying the implementation of measures within the Digital Economy act.

Ofcom stakeholders are expected to benefit as a result of the streamlined budget put in place, with an Annual Plan setting out priorities set to be published ‘shortly’.

Already around 170 posts be become, or will be made redundant as part of the cost reduction process.