David Cameronâs first cabinet meeting on Thursday agreed to a 5 per cent ministerial pay cut in a clear signal that the new Con-Lib government is planning a tough public sector pay squeeze. The agreement by ministers from the coalition government will save just £3m over the lifetime of the parliament but the symbolism was clear. Mr Cameron told colleagues at the first meeting that he wanted to demonstrate a commitment to cutting the cost of government and that he wanted to start reducing the £163bn deficit this year. The prime minister sat alongside Nick Clegg, deputy prime minister, as the coalition government got down to business, just one week after the inconclusive general election of May 6. Around the table in Downing Street were 18 Conservatives and five Liberal Democrats. Vince Cable, business secretary, sat near the centre of the cabinet table alongside Chris Huhne, climate change secretary. Danny Alexander, Scottish secretary, and David Laws, Treasury chief secretary, were the other Lib Dem members. http://www.ft.com/cms/s/0/b628acdc-5e85-11df-9266-00144feab49a,s01=1.html Very good. 5 % less spending in posh London restaurants...