They're back in power for the first time in more than a decade, and their government has approval ratings not seen since Margaret Thatcher _ so why isn't Britain's Conservative Party celebrating? Party activists will gather Sunday for their first annual rally as a governing party since Tony Blair's Labour swept the Conservatives out of Downing Street in 1997. But a stagnant economy, looming spending cuts and a fragile coalition with the Liberal Democrats mean festivities will be distinctly subdued, according to AP. With the prospect of devastating public sector cuts dominating newspaper headlines, Conservative Prime Minister David Cameron is expected to focus his efforts at the Tories' weeklong convention in Birmingham on calming fears that his cuts would endanger vital defense capabilities and services like hospitals and schools. In an interview Saturday with the Financial Times, Cameron said he hoped the coalition would be remembered as dealing «with the crisis in Britain's totally overstretched public finances and deficit,» and taking «the country out of the danger zone.» Later this month, Treasury chief George Osborne will announce details of major cuts to spending programs, seeking to save about 86 billion pounds ($135 billion) over five years. He has already announced a two year pay freeze for most public sector workers and for government funding to Queen Elizabeth II's royal household. He has also set out plans for a levy on banks, a rise in a tax on goods and services and a tough squeeze on welfare payments.
