Manchester, England: The threat facing the global economy is as serious as in 2008, British Prime Minister David Cameron said on Wednesday, adding that Britain’s deficit-cutting plans would pay off in the end.

Britain’s Prime Minister David Cameron and his wife Samantha. Photo: Reuters

“As we meet here in Manchester, the threat to the world economy - and to Britain - is as serious today as it was in 2008 when world recession loomed," Cameron said.

“The euro zone is in crisis, the French and German economies have slowed to a standstill; even mighty America is being questioned about her debts," he added.

Cameron said his government’s austerity programme was justified.

“It means governments - all over the world - cutting spending and living within their means. This coalition government, Conservatives and Liberal Democrats, Nick Clegg and I - we’ve led the way here in Britain. Our plan is right. And our plan will work."