Government To Stick To It's Guns!
Harsh Spending Cuts Won’t End Says David Cameron
David Cameron has said there is “no going back” on harsh spending cuts after seeing the leaders of France and Greece swept from power by public anger at austerity.
The eurozone is in “extreme trouble” and the turmoil threatens Britain’s recovery.
During a rare joint appearance with Nick Clegg, the Prime Minister and his Deputy will rededicate themselves and their parties to protecting the country from “the financial storm”.
Two years on from their sun-dappled press conference in the Downing Street rose garden, the Liberal Democrat and Conservative leaders will restate the case for the Coalition to “rescue the economy from the mess left by Labour”.
Their pledge will come against a backdrop of turbulence in the markets and the election results in France and Greece, which saw two pro-austerity administrations ousted.
At one point yesterday, the euro fell to a three-year low against the pound, while analysts predicted that Greece would be forced to leave the eurozone, greatly increasing the risk of economic “contagion” to other European countries.
The elections showed that large numbers of voters believed there was an alternative to the austerity measures imposed by governments and international funds since the global financial crisis.
The biggest protests came in Greece, where the electorate took revenge on the two parties that had been trying to push through unprecedented budget cuts in return for bail-out funds.
In Britain, Labour has attacked the Coalition for cutting public spending “too far, too fast” and blamed the double dip recession on George Osborne’s austerity plans.
Ed Miliband, the Labour leader, warmly welcomed the French Socialist victory in the presidential election, which he said would help Europe “escape from austerity”.
Mr Cameron and Mr Clegg already faced disquiet among their MPs after the economy slipped back into recession and the Coalition parties received a hammering in last week’s local elections.
However, he will insist that “getting our deficit under control”, through public spending cuts, is crucial to the recovery.
“There can be no going back on our carefully judged strategy for restoring the public finances,” he will say.