The British Prime Minister David Cameron has bombarded the opposition Labour Party once more, saying that the fiscal position of the country is even worse than he expected. He proclaimed that the awkward situation Britain is facing was inherited to his government from the 13 year Labour rule between the years 1997-2010.

Cameron had previously pointed to his plan on cutting government spending in order to rid the country of the massive 11% budget deficit. The PM pointed to the fact that the government spends more on interest for its 70 billion pound debt, than it does on running schools in he whole of England, dealing with climate change and transportation costs all put together.

The emergency budget is due to be ready by the 22nd of June, as the Chancellor of Exchequer George Osborne will reveal his plan on the spending cuts. It is expected that spending will be axed to the highest level in three decades, while transport, housing and higher education could be losing up to a quarter of their funding.

The Deputy PM Liberal Democrats leader Nick Clegg promised that the cuts won't be affecting the performance of the economy and refused to compare them with those ensued in 1980 during the reign of Margaret Thatcher.