国际英语新闻：British chancellor sees budget deficit as "great national challenge"

LONDON, June 8 (Xinhua) -- Britain's new chancellor of the exchequer George Osborne said on Tuesday that tackling its " terrible economic situation" is the "great national challenge of our generation."

Osborne outlined in his first major speech to the new House of Commons details of a major review of public spending, which he said was needed to build an economy of the future while repairing the mistakes of the past.

Osborne said: "This is the great national challenge of our generation: after years of waste, debt and irresponsibility, to get Britain to live within its means. It is a time to rethink how government spends our money.

A video grab image shows Britain's Chancellor of the Exchequer, George Osborne, speaking in the House of Commons, in central London June 8, 2010. Osborne said on Tuesday that Britain had to live within its means as it prepares to publish this year a spending review setting out plans for the 2011-2015 period.

"We didn't choose the terrible economic situation we inherited. But we can work to put it right, to deal with our debts, to set our country on a brighter economic course, and show that we are all in this together." He outlined a timetable and some of the mechanism of the review, but not the details of cuts.

"The budget on June 22 will set out the overall mandate for bringing the deficit under control.

It will set the overall envelope for spending, but it will not allocate spending between departments. That is what the spending review this autumn will address."