MercoPress. South Atlantic News Agency

PM Cameron: Cuts Are Right And Hit Rich Hardest

Mr Cameron has claimed reducing the deficit by £81bn

David Cameron has again defended his Government's spending cuts, insisting they are “fair” with society's richest shouldering the greatest burden.

The Prime Minister's comments have come on the day thousands of union members took to the streets in a rally organised by the TUC, to protest against George Osborne's spending review.

However, in the face of accusations that the poor have been hit the hardest, Mr Cameron said his Chancellor did “the right thing” in the “right way”.

In a podcast on the No 10 website, he has admitted the country faces a “hard road” - with benefits cut or frozen and Government departments' budgets slashed - and added: “I don't underestimate how difficult this will be.”

But Mr Cameron has claimed reducing the deficit by £81bn in just four years is vital to rebuild Britain's fragile economy.

“We've gone about these spending cuts in a way that is fair and in a way that promotes economic growth and new jobs,” he said.

“Fair because if you look at the figures you'll see the highest earners aren't just paying more in cash, they are paying more as a percentage of their income. As we promised, those with broader shoulders are bearing a greater burden.

Predicting the next decade will be ”the most entrepreneurial in Britain's history“, Mr Cameron added: ”We have a plan. We are seeing it through.

“Believe me, the destination will be worth it: a Britain with a strong, positive and confident future.”

After Mr Osborne's speech in the House of Commons on Wednesday, the Government was stung by criticism from the Institute for Fiscal Studies.

It found that - aside from the richester two per cent who would be caught by tax rises announced under Labour - the bulk of the cuts would fall disproportionately on the poorest in society. (Sky News)