‘Downgraded’ Cameron struggles to find way out on UK deficit
(02-28 11:13)
Embattled British Prime Minister who is presiding over an anemic economy that contracted in the past quarter, said yesterday to move faster to cut the budget deficit.
Economists have warned that Britain, which has been deprived of its triple-A rating, is in a state of depression. GDP shrank by 0.3 percent in the final quarter of 2012.
Labour leader, Ed Miliband attacked Cameron yesterday in parliament sayign the UK has a “downgraded government, a downgraded chancellor and a downgraded prime minister".
Cameron responded: “I'm the one saying this credit rating does matter, and it demonstrates that we have to go further and faster on reducing the deficit.’’
Office for National Statistics data show that the budget deficit for the first 10 months of the 2012-13 financial year was 6.6 percent, up from the previous year.
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