PM: Not even half way in euro crisis - The Sun

DAVID Cameron has shattered hopes of economic recovery by warning the euro crisis will last until after the 2015 election.

In a bleak assessment, the PM said Europe is still not even halfway through the chaos which has left it in meltdown.

As the Tories slumped to 29 per cent in the polls — their lowest since 2004 — he stressed Britain's hopes of growth are inextricably linked to Europe.

Speaking days after Britain slipped back into recession, the PM said: "I don't think we're anywhere near halfway through it because what's happening in the Eurozone is a massive tension between the single currency that countries are finding very difficult to adapt to. It's going to be a very long and painful process."

Most experts date the euro crisis back to late 2009. On the PM's time-scale, it would be at least another three to four years before Europe recovers.

Mr Cameron also raised doubts about whether the single currency can survive.

"The way it works in our United Kingdom is that different parts of it support each other. There isn't that in Europe and that's their problem," he said. Asked why the US economy is growing while Britain is back in recession, Mr Cameron said: "They don't have the Eurozone on their doorstep."

He told BBC1's Andrew Marr Show that last week's figures showing the economy shrank 0.2 per cent in the first three months of the year were "extremely disappointing". But he added: "What we absolutely mustn't do is throw away our plans for dealing with the debt."

His comments came as Scottish Roman Catholic leader Cardinal Keith O'Brien urged the PM to bring in a new "Robin Hood" tax to target the wealthiest.

Labour leader Ed Miliband, delighted at his party's 40 per cent poll rating, will today insist the recession was "made in Downing Street" and spell out his priorities, including fair deals on tax, jobs, energy, consumers and transport.

g.wilson@the-sun.co.uk