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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Photos Sitemap UK faces aggressive cuts in 'age of austerity' AFP - Sunday, May 23 Send IM Story Print Chief Secretary to the Treasury, David Laws, speaks during a news conference. Laws said Britain faces an "age of austerity", as the new coalition government readies aggressive cuts in public spending to slash the deficit. LONDON (AFP) - – Britain faces an "age of austerity" as the new coalition government readies aggressive cuts in public spending to slash the deficit, Treasury minister David Laws told the Financial Times on Saturday. Laws, chief secretary to the Treasury in David Cameron's coalition, will outline plans on Monday to make 6.0 billion pounds of cuts in the current 2010/2011 year. "We are moving from an age of plenty to an age of austerity in the public finances," Laws told the FT in his first newspaper interview since taking office on May 12. "We will make that austerity as progressive as we can, by protecting the things and the people who need protecting." Laws, who is a Liberal Democrat, added that he was "mentally prepared for getting a lot of representations from angry people" when the cuts are made. Cameron has made a key priority of tackling the deficit amid mounting concern about soaring debt levels in the eurozone. Public finances have been ravaged by enormously expensive banking-sector bailouts, and a record-length recession that has slashed taxation revenues and ramped up expenditure. In a rare piece of good news, revised data showed on Friday that the deficit hit 156.1 billion pounds in 2009/2010, or 11.1 percent of GDP. That was lower than the previous estimate of 163.4 billion pounds -- but was still a record. "I haven't quite worked out whether this is a dream or a nightmare," Laws told the FT on Saturday, adding that the government was facing a choice between "the unpalatable and the disastrous" in its bid to balance the books. Chancellor of the Exchequer George Osborne will meanwhile unveil an emergency budget on June 22. "The budget is going to have to set out, in a really credible and decisive and aggressive way, the action that we're going to have to take to reduce the deficit," Laws said. He added: "I do think that people ... will understand that the public finances are in a complete mess, that we can't just go on building up debt, not only because it risks the economy but it lands on future generations. "And I think people understand that there are no easy choices and while people won't want to see big cuts in certain areas of public spending, they don't want to see vast increases in taxation either. "They understand that George and I, and the government, have got a really difficult job to do, to reconcile these things." Recommend Send IM Story Print News Search Top Stories BA strike talks abandoned after protestors storm building Bank of Spain takes over management of another savings bank Skrela guides Toulouse to fourth European Cup crown Fiscal discipline urged to cure market ills UK faces aggressive cuts in 'age of austerity' More Top Stories » Most Popular Most Viewed Most Recommended Paris museum burglar grabs 120-million-dollar art haul US team creates first 'synthetic life' Fiscal discipline urged to cure market ills Euro rescue package clears German parliament Dow index suffers biggest drop in more than a year More Most Viewed » Scientists stunned as grey whale sighted off Israel Lack of sleep linked to early death: study UN fears 'irreversible' damage to natural environment Earth may be too hot for humans by 2300: study Ocean fish could disappear in 40 years: UN More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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