[News update at 5.10pm includes NMM reaction]

The Department for Culture, Media and Sport’s resources budget will be slashed by 7% overall, he added.

Earlier this month, the National Media Museum (NMM) said it faced possible closure if the Government cut a further 10% of its funding as part of the Spending Review.

It is not yet clear how today’s cuts will affect the NMM.

In a statement, the group which runs the NMM said today: ‘The Science Museum Group is delighted that the Government has ring-fenced the science base, which is a key driver of the economy.

‘However, we’re not able to discuss the implications for our museums until we have the full details of the Spending Review, which we expect in the next day or so.’

On 18 June, the NMM cautiously welcomed remarks by Culture Minister Ed Vaizey who suggested it will escape the chop because feared Government cuts would not take place.

Thousands of campaigners have signed petitions to keep the museum open.

Osborne also today said the Government will give museums ‘greater freedom’ from central control.