Economic crisis as serious as 2008: Cameron

British Prime Minister DavidCameron warned on Wednesday that Europe's deepening debt crisis poses a threatto the world economy as serious as the 2008 credit crunch.

In a somber speech at an annual convention of hisConservative Party, Cameron vowed to stand by Britain's sharp austeritymeasures - despite the county's meager growth - and insisted the U.K. would nothelp fund "endless bail-outs" of its tottering European neighbors.

"The threat to the world economy - and to Britain - is as serious today as it was in 2008when world recession loomed," Cameron told delegates in the northern England city of Manchester.

"The Eurozone is in crisis, the French and Germaneconomies have slowed to a standstill, even mighty America is being questioned abouther debts," he said.

Cameron made his keynote address after Britain's Office forNational Statistics said the country's economy grew by a weaker than expected0.1 percent in the second quarter, fueling worries over sluggish growth.

"We need to tell the truth about the overall economicsituation," Cameron told delegates. "People want to know why the goodtimes are so long coming."

He insisted that Britain's program of 81 billion pounds ($126billion) of public spending cuts, which are seeing thousands of public sectorjobs lost and welfare payments axed, would eventually return the country toprosperity.

"Slowly but surely we're laying the foundations for abetter future. But this is the crucial point - it will only work if we stickwith it," Cameron said.

Cameron also took on critics, including many within hisparty, who demand cuts to Britain's8.4 billion pound ($13.2 billion) annual aid budget. Aid spending and healthare the only two sectors spared from Cameron's austerity drive.

"I really believe, despite all our difficulties, thatthis is the right thing to do," Cameron insisted. "That it's a markof our country, and our people, that we never turn our backs on the world'spoorest."