The Confederation of British Industry (CBI) has called on the government to develop an "ambitious" plan to reduce the budget deficit in order to support low interest rates for an extended period.Speaking to Bloomberg, Richard Lambert, the director general of the organisation, said the central bank would be forced to increase rates earlier than is preferable unless the government begins to rein in debt."If we keep nominal interest rates lower for longer that would have an impact on sterling ... They should be ambitious," he commented.Figures from the Institute of Fiscal Studies show the UK faces its deepest funding cuts since 1976, when it was forced to approach the International Monetary Fund for an emergency loan.Mr Lambert described the current situation as a "major problem, a challenge that needs to be addressed".Among the latest reports from the CBI is the November Industrial Trends Survey, which shows that while business volumes in the UK remain severely depressed, companies are optimistic about marginal growth over the next three months.