The laughing stops here: First Cameron coalition Cabinet meets to get Britain back on track - with cuts and tax rises top of the agenda

Daily Mail
"The new Government today started to get to grips with the vast black hole in public finances after David Cameron and Nick Clegg held the first coalition Cabinet meeting.Health Secretary Andrew Lansley gave an early warning that the NHS would not be exempt from efficiency savings and pay cuts despite a commitment to increase funding every year in real terms.Economists also believe VAT will have to rise from 17.5 per cent to 20 per cent - costing the average family hundreds of pounds a year - to help pay down the £167billion deficit.And in the first move to slash spending in Westminster, Mr Cameron has cut Government salaries - including his own - by 5 per cent, which will be followed up by a pay freeze for all MPs. ..."