Prime Minister David Cameron is set to deliver a stark warning about the action needed to tackle Britain's budget deficit and public debt.
David Cameron is expected to say the UK's economic problems are "even worse than we thought" as he sets out why he believes "painful" cuts are necessary.
In a speech he will say how the £156bn deficit is tackled will affect "our whole way of life".
The economy will dominate political debate ahead of the Budget on 22 June.
The Conservative-Liberal Democrat coalition government has already outlined plans for £6.2bn cuts this financial year - something the Liberal Democrats campaigned against before the election - saying action must be taken now to show Britain is serious about cutting the deficit.
Labour however have argued that cuts too soon could jeopardise the economic recovery.
Labour leadership contender David Miliband on Sunday 6th June accused the Liberal Democrat leader Nick Clegg of "hypocrisy", while leadership rival Ed Balls said cuts in other European countries were "a really really dangerous and big mistake".
But, according to pre-released extracts of a speech, Mr Cameron will say that the "massive deficit and growing debt" are the most urgent issues facing Britain.
He will say: "Today I want to set out for the country the big arguments that form the background to the inevitably painful times that lie ahead of us, why we need to do this, why the overall scale of the problem is even worse than we thought and why its potential consequences are therefore more critical than we feared."
He will say that, without tackling the deficit, confidence in the British economy will take a hit which could risk pushing up interest rates and increasingly taxes will be used to pay interest on the national debt, rather than being spent on public services.
Mr Cameron will say decisions are needed with "enormous implications" which cannot be ducked or got wrong, adding: "I want this government to carry out Britain's unavoidable deficit reduction plan in a way that strengthens and unites the country."
He will say the government wants a "process to engage and involve the whole country in the difficult decisions that will have to be taken".
Here at Greengates Builders Merchants Accrington, Lancashire we are intrigued to hear about the governments plans to get the UK economy back on track!