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Page last updated at 07:23 GMT, Monday, 7 June 2010 08:23 UK

Lord Desai: 'Stop subsidising middle classes'

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In his speech later today, the Prime Minister will warn that the public finances are even worse than expected forcing him to take "momentous decisions". Economics editor Stephanie Flanders explains the appeal of G20 urging countries to get their public finances under control.

Economist and Labour peer Lord Desai feels "vindicated by the G20". He says: "We've had seven good years before the recession" but "now the time has come to pay back".

Eamonn Butler, of the Adam Smith Institute, believes: "In the long run, we'll end up with a government which is actually pretty much more effective and very much closer to the people".


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