British Prime Minister David Cameron has said that his government would stick to the path of austerity despite a turbulent few weeks which saw Britain’s credit rating downgraded.

Cameron said in a speech in a factory in West Yorkshire that changing course on the economy would plunge Britain “back into the abyss’’.

The warning followed suggestions by Business Secretary Vince Cable that the Government should consider borrowing more to stimulate economic growth.

Cameron said: “I know some people think it is somehow stubborn to stick to a plan.

“As far as I’m concerned nothing could be further from the truth. My motives, my beliefs, my passion for sticking to the plan are exactly about doing the right thing to help families and to help businesses up and down the country.”

He added: “Because the truth is this: If we want good jobs for our children, we will not get them if we are burdened with debt and out-competed by India and China.

“If we want, and I do want, good public services, we won’t be able to afford them if our economy is weak and we’re spending half of the budget on debt interest.”

Cameron, a Conservative, said Britain was reaping the rewards of the tough economic course the coalition set, pointing to the creation of one million extra private sector jobs and higher employment rates.

He also highlighted an increase in exports over the last three years to key emerging economies like Brazil, India and China as well as a 133 percent hike in goods to Russia.

Cameron admitted that the path ahead for Britain “was tough”.

Related Topics
comment COMMENT NOW