UK's pain 'to get worse'
By Robert Barr |
June 8, 2010, Tuesday
|
Print Edition
Print Edition
THE pain of cutting Britain's national deficit will be worse than previously feared and will affect everyone in the country, Prime Minister David Cameron said yesterday.
Laying out the reasons for squeezing spending, Cameron said the nation could not avoid cutting a deficit which rose to 156 billion pounds (US$225 billion) in the last fiscal year.
He has suggested that welfare programs and expenditure for civil servants are high on the list of possible cuts and confirmed that capital gains tax would go up, but otherwise gave no fresh details.
Instead, he concentrated on explaining why he believes drastic action is required - and placing the blame on the Labour Party governments of the previous 13 years.
"The overall scale of the problem is even worse than we thought," Cameron said.
"Its potential consequences are therefore more critical than we feared."
His government intends to announce an emergency budget on June 22 that will lay out the first steps in cutting the deficit.
Laying out the reasons for squeezing spending, Cameron said the nation could not avoid cutting a deficit which rose to 156 billion pounds (US$225 billion) in the last fiscal year.
He has suggested that welfare programs and expenditure for civil servants are high on the list of possible cuts and confirmed that capital gains tax would go up, but otherwise gave no fresh details.
Instead, he concentrated on explaining why he believes drastic action is required - and placing the blame on the Labour Party governments of the previous 13 years.
"The overall scale of the problem is even worse than we thought," Cameron said.
"Its potential consequences are therefore more critical than we feared."
His government intends to announce an emergency budget on June 22 that will lay out the first steps in cutting the deficit.
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