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Britain's political leaders can easily agree the outlines of a plan to tackle the country's record budget deficit irrespective of who wins this week's national election, the Liberal Democrats said.Party leader Nick Clegg said the public wanted politicians to stop squabbling and instead come together to sort out the nation's financial problems.The party, Britain's third-largest, could hold the balance of power after polling day on Thursday, with opinion polls indicating no one party will win outright control of parliament."The black hole in public finances is so great that ideally you would have all the parties getting together, saying we are going to sort it out more effectively on behalf of the nation if we can sort it out together," Clegg said late on Tuesday."Not all the detail, but I reckon you could easily agree across all parties, first, a basic understanding that everybody sees the problem in the same way, so you have a basic agreement on how big the structural deficit is, and secondly a framework for how we deal with it."Clegg made the comments to reporters as he flew to Glasgow in Scotland for a campaign event on Tuesday evening.At just under 12 percent of gross domestic product for the 2009-10 financial year, Britain's budget deficit is proportionately approaching that of embattled Greece, which stood at 13.6 percent last year.However, Britain's debt position is regarded as much more secure as the average maturity of its government bonds is far longer than Greece's. While UK public debt is rising sharply, it remains far lower than Greek debt as a proportion of GDP.Clegg has warned that Britain could face Greek-style riots and demonstrations unless tough decisions on spending cuts and tax rises are agreed in a consensual manner.The opposition Conservatives, who want to start cutting spending this year, are ahead in the polls, but by too slim a margin to be sure of evicting the Labour government.The Liberal Democrats agree with Labour's plan to delay austerity measures until next year, saying this will avoid damaging an economy slowly emerging from the worst recession in generations.Clegg said financial markets would not panic just because the election produced an inconclusive result, despite dire warnings by some commentators."If people decide on Thursday that no party deserves an outright majority, then I think the first thing the markets will do is just see whether all the parties are serious about dealing with the fiscal deficit," he said."What you will hear me saying (on Wednesday) is that irrespective of the outcome I want the Liberal Democrats to play a responsible role in sorting out this mess."I think the public is way ahead of much of the political class in saying that on really big issues -- just get on with it."Bank of England Governor Mervyn King has warned that whoever wins the election "will be out of power for a whole generation", because of the level of austerity required to fix the deficit, according to quotes reported by U.S. economist David Hale.
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