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.
Russia's oil output stands at over 10 million barrels per day, the world's largest, but it needs new sources of crude oil, including hard-to-recover deposits and the Arctic, to sustain this level
The strike at Yue Yuen is not just one of China's biggest in recent years, it's also more clearly driven by workers' fears that they have been scammed by an opaque and convoluted welfare payment system.
When the system is in place citizens will be able to buy a limited amount of subsidised fuel, and will have to pay a normal, market price for any extra quantities.
Production in Upper Nile state's Paloch oilfields, where output has not been hampered by the conflict, stood at 159,000 barrels per day this week.
Dragomir Stoynev accused fellow European Union members of a politically-motivated attempt to scupper the project, and urged the bloc to understand the effect that doing so would have on its members.
The drops have come mainly because Japan did not take any cargoes in March and South Korea is not scheduled to take any shipments in April, according to the tanker data.
Japan's finance ministry and central bank have declined to comment on the payments.
But a survey shows that most people believe inflation is speeding up and could surpass 37 percent this year.
A fifth payment of $450 million was due on April 15, contingent on Iran having diluted half of its most sensitive stockpile of nuclear materials
The year-on-year inflation rate in the 18 countries sharing the euro was 0.5 percent in March against 0.7 percent in February, the European Union's statistics office Eurostat said.
Pushed by higher food and shelter costs, the consumer price index rose in March.
Country of origin labels are currently voluntary in the European Union and many of the bloc's governments want to keep it that way
While reverse flows would help cushion the effects of a Russian export cut during mild-demand summer months, analysts say they would not be sufficient in winter.
The tanker, Aegean Dignity, is due to take its load to Italy, the NOC quoted an oil official as saying in a statement on its website
TAP aims at enhancing the security of natural gas supply as well as diversification of gas supplies for the European markets.