David Cameron monthly press conference

David Cameron monthly press conference; Q: if Britain sees gdp drop, like Ireland, would you go on with spending cuts? Cameron SOT - Different situation between Ireland and Britain / Britain has independent office of budget responsibility that has issued forecasts for UK economy that show growth for this year, next year and year after and unemployment falling / most forecasts indicate choppy situation but good growth going forward - second point - Ireland is in Euro and Britain is not / problem of being is Euro is that you have monetary policy that is not made in UK for benefit of citizens in UK / that's why I'm opposed to membership of Euro / we've been able to tailor a monetary policy via Bank of England that suits our needs / comparison does not hold good / as long as I'm PM we will not join the Euro Q: re financial activity tax. Are you holding out for global arrangement or would you accept a European regulatory system? Cameron SOT - On issue of banking levy we decided to go ahead / thought there should be some leadership shown / on the financial transactions tax, felt there was greater risk of countries of small groups of countries doing this together / actions can move very rapidly offshore / question we will bring is if this is looked at in a way that would not have that affect / there is danger with transactions tax that because you can move transactions easily that is the risk
David Cameron monthly press conference; Q: if Britain sees gdp drop, like Ireland, would you go on with spending cuts? Cameron SOT - Different situation between Ireland and Britain / Britain has independent office of budget responsibility that has issued forecasts for UK economy that show growth for this year, next year and year after and unemployment falling / most forecasts indicate choppy situation but good growth going forward - second point - Ireland is in Euro and Britain is not / problem of being is Euro is that you have monetary policy that is not made in UK for benefit of citizens in UK / that's why I'm opposed to membership of Euro / we've been able to tailor a monetary policy via Bank of England that suits our needs / comparison does not hold good / as long as I'm PM we will not join the Euro Q: re financial activity tax. Are you holding out for global arrangement or would you accept a European regulatory system? Cameron SOT - On issue of banking levy we decided to go ahead / thought there should be some leadership shown / on the financial transactions tax, felt there was greater risk of countries of small groups of countries doing this together / actions can move very rapidly offshore / question we will bring is if this is looked at in a way that would not have that affect / there is danger with transactions tax that because you can move transactions easily that is the risk
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ITN
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October 11, 2010
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