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 Visegrad 4 group including Poland, the Czech Republic, Hungary and Slovakia is looking to diversify supplies
Nick Letchford, managing director of the group that owns the Old Shoreditch Station cafe, decided to install the machine after noticing the popularity of bitcoins among his customers working nearby in the digital industries.
Varying degrees of drought are hitting almost two thirds of the limited arable land across Syria, Lebanon, Jordan, the Palestinian territories and Iraq.
Turkey deems Iranian gas too expensive compared with other suppliers like Russia and Azerbaijan, an assertion rejected by Tehran.
Satoshi Nakamoto, a name known to legions of bitcoin traders, practitioners and boosters around the world, appeared to lose his anonymity on Thursday after Newsweek published a story that said he lived in Temple City, California, just east of Los Angeles.
BP's exploration and production sharing agreement with Libya covers onshore acreage in Ghadames, near the border between Libya, Algeria and Tunisia, and offshore acreage in the central Sirte basin
There are discussions at high levels within the U.S. government on how to use U.S. natural gas resources
The judicial sources said on Thursday that prosecutors suspected the companies of working together on campaigns to favour Lucentis, including promoting it to local doctors
Scotland's Energy Minister Fergus Ewing offered to meet Shell to discuss the future of the oil and gas industry if Scotland votes to end its 307-year tie with England
European Commission President said that from a purely financial standpoint the crisis in Ukraine should not have much impact on the euro zone but there was potential for far greater instability
The rouble-traded MICEX lost 1.9 percent on the news to trade at 1,322.2 points. It had earlier traded in positive territory.
If tensions eventually escalate into economic sanctions, the single biggest point of vulnerability for the Gulf would probably be the Dolphin Energy pipeline carrying about 2 billion cubic feet of gas per day from Qatar to the UAE and Oman
The former Soviet republic is strategically important to Moscow as the main gas transit route to the European Union, Russia's biggest customer
Iran will soon receive a second installment of previously frozen assets which are being returned to it under an interim nuclear agreement with world powers
Economic growth jumped to 5.2 percent in the last quarter, but Romania remains the second poorest country in the European Union
Brent crude prices decreased by 1.8 percent, more than US$2 per barrel on Wednesday.