Cameron: Austerity may be rule until 2020

July 19, 2012 at 2:01 AM   |   Comments

| License Photo
LONDON, July 19 (UPI) -- Britain's economic difficulties will probably last through the end of the decade, with austerity budgets the rule, Prime Minister David Cameron said Wednesday.

In an interview with The Daily Telegraph on the last day before Parliament's summer break, Cameron said the crisis has proved far deeper than he believed when he took office in 2010. He said the difficulties in the eurozone are a drag on Britain and are likely to continue for years.

When the Conservative-Liberal Democratic coalition took over the government, leaders predicted austerity measures would be needed for five years.

"I think the impairment to our economy in the bad years, the damage done to the banks, the indebtedness of our households, the extent of government debt, the extent of the whole growth model was unbalanced," he said. "You know, that impairment has been greater, it's been tougher to recover."

Cameron's government has to make difficult choices, he said. For example, any tax cuts would mean even deeper spending cuts.

"You can do exciting and radical and Conservative things at the same time as having difficult overall spending choices," he said.

Cameron faces a general election in 2015.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Featured UPI Collection
Celebrity Couples of 2014 [PHOTOS]

Celebrity Couples of 2014 [PHOTOS]

Most Popular
American photojournalist James Wright Foley executed by Islamic State
Brady Morton still missing after booze-soaked rafting trip
Mississippi woman says her son set a cross on fire at her house
Northrop Grumman developing reusable space plane for lifting spacecraft into orbit
Construction on Russian gas line to China slated for September
Trending News