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UK must "reboot and rebuild" economy - PM

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

Britain's past prosperity does not guarantee a prosperous future and the UK must "reboot and rebuild" its economy, Prime Minister David Cameron has warned.

Mr Cameron told delegates at The Times CEO Summit on Monday evening that the economy can be turned around but the UK needs to reduce its deficit, reform the welfare system and become a “magnet for investment”.

The PM said it was vital to cut the deficit now to avoid the situation worsening and he set out the case for getting people off welfare and into work

He said:

I think this is a huge agenda of ‘making work pay’. We have already raised the tax thresholds, we have already taken some families out of the tax credits system, and we are going to have a big thrust on reforming welfare and getting people back to work, by having a system where we do give genuine tailored help and support to people who are stuck on welfare, but in return for that, if you are offered a job that you can do, and you choose not to, you cannot go on receiving benefits.

Mr Cameron also repeated his comments at the end of the G20 Summit about the need to complete the Doha Round which would be the “greatest stimulus” for international trade.

The PM said that decline was not inevitable and Britain was blessed with advantages such as universities, established industries, ingenuity and one of the most open economies in the world.

He added:

These are the old advantages and I believe there is a new one too, a growing attitude across the country that we are going to deal with these debts and fight not just for our survival, but for our success.

Speeches and transcripts: Speech to The Times CEO Summit

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