Prime Minister David Cameron said Monday that Britain\u2019s financial situation was \u201ceven worse than we thought\u201d\u009d and that the country would have to make savage spending cuts to bring its swelling deficit under control.<\/p>\n
Stern and grim-faced in a speech in Milton Keynes, just north of London, Mr. Cameron said, \u201cHow we deal with these things will affect our economy, our society \u201d\u201d indeed our whole way of life.\u201d\u009d<\/p>\n
\u201cThe decisions we make will affect every single person in our country,\u201d\u009d he said. \u201cAnd the effects of those decisions will stay with us for years, perhaps decades, to come.\u201d\u009d<\/p>\n
Mr. Cameron said that at more than 11 percent, Britain\u2019s budget deficit was the largest ever faced by the country in peacetime. But he warned that the structural deficit was more worrisome. Britain currently owes a total of more than $1.12 trillion , he said, and in five years will owe nearly double that if nothing is done now.<\/p>\n