It works you lose £s fast.- rapid cost cutting is rarely  sustained.

A radical efficiency program is the only way to lose £s- not true ,real efficiency savings require small changes that can be sustained over a long period.

Outsourcing is an effective way to loss of £s in the long term - no its not , and it carries a high risk of permanent damage. 

Reducing staff terms and conditions will result in the £s dropping off - it will also lead to high staff turn over recruitment problems and the use of expensive agency staff. 

Cutting out management posts  is a good way to lose £s- not a good idea you are more likely to to use expensive management consultants, lose expertise and valuable experience. 
Blair Mcpherson