LONDON (MarketWatch) â British Prime Minister David Cameron said Tuesday that the nationâs defense budget would be cut by 8% in inflation-adjusted terms over the next four years, slashing troop levels as well as equipment and weapons purchases. Cameronâs announcement comes a day before the government unveils details of a far-reaching austerity plan, which is expected to outline about 83 billion pounds ($131.3 billion) in spending cuts by 2015. Read about the government's spending review. http://www.marketwatch.com/story/britain-to-slash-defense-budget-8-2010-10-19 The "austerity" fun has just begun...