PM delivers speech on the economy

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

David Cameron has delivered his first major speech as Prime Minister addressing the first priority of his government - transforming the economy.

Speaking in Shipley, West Yorkshire, the PM set out the government’s strategy for economic growth and promised to make the coming decade the most entrepreneurial and dynamic in Britain’s history.

Mr Cameron said his government’s first priority was to “re-open Britain for business” and promised that the government would actively promote enterprise.

He said:

We have always been ambitious for the future of our economy. We have set out a series of clear, transparent benchmarks for our economy from ensuring macroeconomic stability to creating more balanced growth, getting Britain working and ensuring our whole country shares in rising prosperity.

The PM pledged to revive the economy by cutting the deficit, liberalising markets, keeping taxes low, slashing red tape and supporting enterprise.

The PM added:

Instead of controlling business, we will free enterprise to compete. Instead of acting with short-term initiatives we will think long-term about the modern support our economy needs. Instead of tolerating economic apartheid, we will give local people the power and the freedom to build success from the bottom up.

He also promised to reform the financial sector by “getting to grips with the bonus culture” and making the banks serve the real economy.

Speeches and transcripts are available on GOV.UK.