Daily Mail
# Prime Minister warns drastic cuts must be implemented
# Double-dip fears in Europe sends FTSE 1.6% lower
# Treasury looks to Canada for help on deficit reduction
"David Cameron warned today that Britain's deficit was 'even worse' than thought - and the action needed to tackle it would change everyone's way of life.In a major speech on the economy, the Prime Minister accused Labour of 'reckless' spending and said the public sector had to be brought 'back into line'.If drastic cuts were not implemented, the Treasury would be spending an annual £70 billion on debt interest within five years - more than on schools in England, transport, and fighting climate change put together.Mr Cameron cautioned that the 'inevitably painful' cuts programme could be felt for decades, such is the scale of the debt crisis facing Britain.But as Mr Cameron prepared to swing the axe, markets tumbled over renewed concerns over Europe and fears for global economic recovery."
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