British Prime Minister David Cameron spoke to business leaders in Manchester, England about the British economy and the future of the eurozone. The Labour Party has called on the government to rethink the proposed spending cuts. But in his speech, the Prime Minister rejected those calls and defended his government’s deficit reduction plan, saying that it was the right plan to save the British economy.
On the eurozone, the Prime Minister warned that the 17-member eurozone was at a crossroads. He added that the eurozone needed make a decision to either “make up or potentially break up”. The U.K. is not part of the eurozone but is part of the European Union.