Wednesday, May 9, 2012

UK must stand by spending cuts: UK PM

David Cameron, British Prime Minister

Source: Press TV

British Prime Minister David Cameron has said Britain must stick to its tough austerity measures while election results in Europe show people do not think austerity is the only way out of financial woes.

While the results of local elections in Britain last week showed British voters were angry with the coalition government’s economic policies, Cameron said he would not waver from Britain’s spending cuts.

According to excerpts of his speech, Cameron is later to say repairing Britain’s dire economy “was and remains our guiding task and in these perilous times it's more important than ever for Britain that we stick to it”.

British Chancellor George Osborne has announced 23 billion of additional spending cuts through 2016, extending a planned four-year program of about £81 billion of cuts to government spending

Analysts have warned that the most severe elements of the British government’s four-year budget trimming program are just emerging, meaning public dissent is expected to grow with living standards declining.

Cameron’s commitment to his austerity regime comes as the results of the French presidential election and the Greek parliamentary elections indicate people believe in French President-elect Francios Hollande’s idea that “austerity can no longer be the only option”

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