British Prime Minister David Cameron said on Monday that the pain of cutting the national deficit will be worse than previously expected and will affect everyone in the country.

On Britain's soaring government deficit, Cameron said "The overall scale of the problem is even worse than we thought" and "its potential consequences are therefore more critical than we feared."

"How we deal with these things will affect our economy, our society -- indeed our whole way of life," he said.

"The decisions we make will affect every single person in our country. And the effects of those decisions will stay with us for years, perhaps decades to come."

He also said that the Britain's economic problems were "even worse than we thought" and, unless harsh action was taken, the UK would be paying a "staggering" 70 billion pounds a year interest on its debt by 2015.

The British coalition government announced last month that it will cut 6.2 billion pounds of government spending in the current financial year and a detailed plan of deficit-cutting will be announced in the emergency budget to be issued on June 22.

UK government said last month that its deficit in the last financial year ending in March hit a record high of 145.4 billion pounds but lower than a previously estimated.

Go to Forum >>0 Comments