New British Prime Minister David Cameron held his first cabinet meeting Thursday morning.

Cabinet members of British Conservatives-Lib-Dem coalition goverment took a group photo to mark the first meeting in No. 10 Downing Street on Wednesday morning. [Xinhua]

According to a Downing Street source, the new prime minister and deputy Prime Minister Nick Clegg "emphasized their commitment to work together and highlighted the strong shared agenda" at the meeting.

Conservative Party leader Cameron also said: "I think we have a great opportunity to think for the long term.

Chancellor George Osborne said he would work closely with the new Business Secretary Vince Cable, a Lib Dem member, to demonstrate Britain was "open for business and banking reform."

Cabinet ministers in the coalition government have also agreed to take a 5-percent pay cut. Issues discussed on Thursday morning included the economy and Afghanistan.

Britain's new Prime Minister David Cameron arrives at No. 10 Downing Street in London, Britain, May 13, 2010. The new British Prime Minister David Cameron held the first cabinet meeting of his Conservatives-Lib-Dem coalition goverment Thursday morning. [Xinhua]

In addition to Clegg and the business secretary, three other Lib Dems were at the cabinet table, including Chief Secretary to the Treasury David Laws, Energy and Climate Change Secretary Chris Huhne, and Scottish Secretary Danny Alexander.

Cameron will announce junior government posts later, and about 20 Lib Dem members are expected to be appointed at all levels across many departments.

On Wednesday, Cameron chaired the first meeting of the newly established National Security Council. He received briefings on the political and military situation in Afghanistan.

The Labour Party has started the process of choosing a new leader after the resignation of Gordon Brown. Former Foreign Secretary David Miliband said he would stand for the leadership.