PM Says Time Has Come to ‘Sink or Swim’
San Francisco, CA -- (SBWIRE) -- 10/19/2012 -- Prime Minister David Cameron is expected to admonish Britain for its budget deficit when he speaks on Wednesday at the close of Britain’s political conference season.
The Conservative PM hopes to convince voters that his austerity plan is the only solution to a sluggish economy. His office released excerpts of his speech to the media.
Cameron and his party have faced strong criticism for guiding the country back into a recession and failing to meet deficit reduction goals.
The Labour Party claims the government contributed to the recession by reducing spending too quickly. Cameron, on the other hand, said its austerity measures have kept the country from being sucked into Europe’s debt crisis.
"Unless we act, unless we take difficult, painful decisions, unless we show determination and imagination, Britain may not be in the future what it has been in the past," Cameron will tell the Conservatives in Birmingham.
"Because the truth is this: we are in a global race today and that means an hour of reckoning for countries like ours. Sink or swim. Do or decline."
Cameron will add that Labour's call for a slower pace of deficit reduction would "hurt the economy".
"The risk is that the people we borrow money from would start to question our ability and resolve to pay off our debts," he will say.
British Finance Minister George Osborne is having to ease off his plans to eliminate the nation’s budget deficit by 2015 owing to the weak economy, thereby stretching the austerity period to seven years from the originally planned five.
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