News story

PM announces plans to boost UK economy

This news article was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government

PM: "this autumn the Government is on an all-out mission to unblock the system and get projects underway"

The Prime Minister has spoken of his plans to boost the UK economy ahead of the G20 meeting in Cannes later this week.

Acknowledging the “unprecedented pressures facing the global economy”, Mr Cameron remained confident that “we can both resolve the crises at hand and come through them with an economy that is stronger and fundamentally fairer”.

Mr Cameron identified three economic priorities for the months ahead:

  • confronting UK debts
  • strengthening the competitiveness of the UK economy
  • unlocking global trade

The Prime Minister also announced a raft of new measures to boost the economy. These include giving the green light to two power plants in the north of England - at Ferrybridge and Thorpe Marsh - which together will create more than 1,000 construction jobs.

BT has also announced it will complete its roll-out of super-fast broadband by the end of 2014 - meaning the recruitment of more than 500 engineers.

Other Government measures include:

  • pushing for a more balanced world economy at the G20
  • a new programme for credit easing
  • updating UK infrastructure and getting construction projects off the ground

Speaking to the Financial Times, the Prime Minister said:

Above all, at home and abroad, we must counsel against the pessimism and fear that can become self-fulfilling prophecies in global markets. For Britain, there is much to be inspired by. Last year bilateral trade between the UK and India grew by 20 per cent. Our exports to China are up 40 per cent - and we recently signed £1.4 billion of trade deals with them.

Whatever the obstacles to growth today, we still boast some of the best universities in the world, the most favourable time-zone in the world, and the world’s first language. I passionately believe that the global economy is presenting us with opportunities, not threats - and we must seize them.

Our ambition is to build a new and better economy - where opportunity, wealth and work are spread more widely; where those who work hard and play by the rules get a good deal. There will be no short-cuts to success. This coalition has the determination to do the right thing for our country, so that we don’t just weather the international storm - but come out stronger on the other side.