Transforming the British economy

In his first major speech as Prime Minister, David Cameron has set out the coalition strategy for economic growth.

Speaking in Shipley, West Yorkshire, he said the first priority of his government was "transforming the economy".

He promised to make the coming decade the most entrepreneurial and dynamic in Britain's history by using the Government to actively promote enterprise, and ensuring that Britain would "re-open for business".

The strategy he outlined had three components:

• We will liberalise keeping tax rates low, stopping the rise of red tape, so we free our economy – and our businesses – to compete.
• We will provide modern support for enterprise to grow, doing everything within our power to give businesses the tools they need.
• We will help to rebalance our economy, ensuring that success and prosperity are spread more evenly across regions and industries.

"If we keep to the clarity of this vision, if we stick to this determined plan then I truly believe we can transform our economy", Cameron concluded.

Click here to read the speech in full