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LONDON (Reuters) - The UK government on Thursday recommended slashing subsidies for solar panels on homes from July 1 after a boom in installations last year nearly exhausted its support budget.

The move paves the way for a gradual and sustained lowering of the tariff that aims to control spiraling costs and restore faith in the industry, according to a consultation document.

It follows a government decision set out last month to halve subsidies from March 3 to 21 pence per kilowatt-hour, which could save it an estimated 700 million pounds annually by 2014-15.

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