David Cameron targets public sector deficit
Britain's public sector deficit is "a dark black cloud" holding back the economy, Tory leader David Cameron warned today.
He said the massive borrowing had to be tackled to avert the risk of the country "tipping back into recession" and was threatening investment, confidence and growth.
Mr Cameron was speaking to a City audience flanked by shadow chancellor George Osborne and shadow business secretary Kenneth Clarke.
The Conservative leader said: "The deficit is the biggest threat to our economy. Our deficit is holding back confidence, is holding back investment, holding back growth.
"It is a dark black cloud holding back our economy and we have got to deal with it. There's a real choice at this election about how we deal with this deficit."
Mr Cameron said his party had been "absolutely clear" a start had to be made on tackling the problem in 2010, with the "bulk of the structural deficit" paid off within a parliament.
He went on: "We have been prepared to make difficult decisions, not just to talk about the easy things, to cut what people actually don't like, but also some difficult decisions on pensions, on public sector pay, on benefits, on public sector administration."
And he said if failure to tackle the deficit led to a loss of confidence in the UK economy, that would mean higher interest and mortgage rates, and the risk of "tipping back into recession".
Mr Osborne and Mr Clarke were also due to address the gathering, organised by Thomson Reuters.
- 1 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
Sony hack: Angelina Jolie branded 'seriously out of her mind' in further embarrassing leaked email saga
Panic Saturday: 13 million Britons spend £1.2bn – while 13 million others across the country live in poverty unable to afford food
£7 - £9 per hour: Recruitment Genius: Are you outgoing? Do you want to work in...
£30000 - £35000 per annum: Recruitment Genius: An opportunity has arisen for a...
£30000 - £35000 per annum: Recruitment Genius: An exciting opportunity to join...
£30000 - £35000 per annum: Recruitment Genius: We have an excellent role for a...