World Bulletin / News Desk
Britain must find more spending cuts to reduce the budget deficit, Prime Minister David Cameron said on Sunday, after a return recession this year raised speculation the government was set to miss its own deficit reduction targets.
Cameron, in an interview with the BBC, also said he would use Britain's veto to scupper European Union budget talks if necessary, warning the 27-nation bloc it needed to learn to live within its means.
The prime minister said his Conservative-led coalition government was determined to stick to its plan to erase what was a record budget deficit when he came to power in 2010.
Asked if Liberal Democrat Deputy Prime Minister Nick Clegg was correct to say that whoever won the 2015 election would have to introduce another tranche of austerity because of the size of the problem, Cameron said:
"Yes, he is right and actually it happens before that because we have to find 16 billion pounds of spending reductions for the year 2015-16. It starts before the general election and we need to do that," Cameron said.
"I want us to be the party that absolutely levels with the British public and talks very plainly and straightly about what needs to be done because the fact is we have to find those spending reductions."
The government delivers new economic and borrowing forecasts on Dec. 5. Finance minister George Osborne said in an interview with the Mail on Sunday that Britain faced further cuts after a weaker than expected performance by the economy this year.
Cameron said Britain had cuts its deficit by a quarter in two years but it was too early to say what the figures for 2012 would be. Asked whether Britain would have to reduce welfare spending, he said: "We have to look at things like the welfare budget... We have capped welfare but we need to go further."
Cameron suggested the EU should at some point split its budget into two - one for the euro zone and one for the countries outside the single currency, including Britain.
Cameron, much to the delight of a powerful anti-EU wing of his Conservative Party, used the veto last year to keep Britain out of a European fiscal and economic pact aimed at resolving the euro zone debt crisis.
"People in Europe know I mean what I say. I sat round that table, 27 countries, 26 of them signing up to a treaty, and I said this is not in Britain's interest, I don't care how much pressure you put on, I'm not signing, we are not having it. They know what I am capable of saying, no, and If I don't get a good deal I'll say no again.
The raise is expected to bring Israel's civil servants' salaries up to 5,000 shekels (around $1,282) from 4,200 shekels (roughly $1,076)
Russian sanctions have hit Lithuania's transport sector, which employs around 100,000, as well as its dairy industry.
The suspension comes as South Korea is struggling to contain its own outbreak of bird flu in birds.
Austrian Chancellor Werner Faymann justified the original sanctions as "a self-defence step", but added: "Our goal cannot be tightening the sanctions."
Both the European Union and United States adopted tighter restrictions on investments in Crimea this week, targeting individuals, Russian Black Sea oil and gas exploration and tourism.
Chinese Premier Li Keqiang said the offer included $1 billion for infrastructure, $490 million for poverty alleviation and $1.6 billion in special loans for China's production capacity export
Ukraine could default on its debt obligations if the situation does not change in the next few months, S&P said on Friday.
Damascus has relied on Tehran to fight its war with drop in oil price affects oil-producing Iran. Syrian traders say Damascus worried about future support
The ruble makes small gain Friday morning, but RTS index continues to contract
Norwegian energy company Statoil, which suspended 5 rigs in the last 2 months, granted $610 million for development of its gas fields
Putin earlier announced pipeline project via Bulgaria would be cancelled.
President Vladimir Putin said that Russia needed to take the opportunity to diversify its economy to protect it from external shocks.
Verdi said in a statement that workers at four of those centres had decided to continue their strike until Saturday and employees at the Graben warehouse would strike until Dec. 24.
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EU to tighten sanctions on Crimea in time for leaders summit to send message to Russia
The Organization of the Petroleum Exporting Countries declined to cut production at a Nov. 27 meeting and, despite slumping prices, major Gulf OPEC members have since shown no sign of reversing course