London:
The traditional pomp and pageantry prevailed as the queen welcomed the new government but the message she delivered was a sombre one, this is the new age of austerity.
And the new Prime Minister says it must start at home. So he has done away with the the security cavalcade flanked by out riders, choosing instead to walk the short distance between Downing street and parliament.
Ministers have been told chauffeur driven Jaguars are a thing of the past. Walking or taking public transport at best a car pool system are their only options.
"The right honourable gentleman has to understand - in the words of the outgoing Chief Secretary - 'we've run out of money'. Now I, yes... I don't know what they are shouting about. It is a Labour government that left us with a 160 billion as our budget deficit," said David Cameron, British Prime Minister.
The dire need to tighten their belts and reduce the fiscal deficit has also been highlighted by the fears of the debt crisis spreading from Greece to other European countries.
Analysts said the coming days will be important for market sentiment whether investors believe the European Union's one trillion US dollar rescue package for eurozone countries can avoid a rapid fall in the euro and protect countries from bankruptcy.
And the new Prime Minister says it must start at home. So he has done away with the the security cavalcade flanked by out riders, choosing instead to walk the short distance between Downing street and parliament.
Ministers have been told chauffeur driven Jaguars are a thing of the past. Walking or taking public transport at best a car pool system are their only options.
"The right honourable gentleman has to understand - in the words of the outgoing Chief Secretary - 'we've run out of money'. Now I, yes... I don't know what they are shouting about. It is a Labour government that left us with a 160 billion as our budget deficit," said David Cameron, British Prime Minister.
The dire need to tighten their belts and reduce the fiscal deficit has also been highlighted by the fears of the debt crisis spreading from Greece to other European countries.
Analysts said the coming days will be important for market sentiment whether investors believe the European Union's one trillion US dollar rescue package for eurozone countries can avoid a rapid fall in the euro and protect countries from bankruptcy.
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