BRIGHTON, England—The U.K. economy will fall back into a deeper recession if the country's budget deficit isn't addressed now, opposition Conservative leader David Cameron said Sunday, as he sought to fire up his party ahead of the looming general election. "If you don't do anything, you will see interest rates go up, you will see mortgage rates go up, you will see confidence drain from our economy and the country will go back into a deeper and darker recession," Mr. Cameron told his party's spring conference. Mr. Cameron said his party should be confident it can spell out its message on the urgency of cutting the deficit and "win that argument with the British public." "People, I think, really understand that the economic changes we are going to have to make to deal with our deficit will be tough and will be hard and I don't want that hidden from them," he said. The government expects to run a deficit of 12.6% of gross domestic product this year in the aftermath of the deepest recession since the Second World War.[Read more...]