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| Version 0 | Version 1 |
|---|---|
| Cameron to outline economy plans | Cameron to outline economy plans |
| (about 7 hours later) | |
| David Cameron will outline plans to "transform" the economy in his first major speech as prime minister. | David Cameron will outline plans to "transform" the economy in his first major speech as prime minister. |
| Mr Cameron, who will speak at an event in Yorkshire, will claim the economy has been heading in the wrong direction under Labour for years. | Mr Cameron, who will speak at an event in Yorkshire, will claim the economy has been heading in the wrong direction under Labour for years. |
| He will also talk of rebalancing the economy in favour of manufacturing, business and the private sector. | He will also talk of rebalancing the economy in favour of manufacturing, business and the private sector. |
| The prime minister will stress the need to cut the £156bn deficit and get people back into work. | The prime minister will stress the need to cut the £156bn deficit and get people back into work. |
| Mr Cameron is expected to say that his government intends to spread economic growth across regions and industries and end the "inevitability" of millions on long-term welfare. | Mr Cameron is expected to say that his government intends to spread economic growth across regions and industries and end the "inevitability" of millions on long-term welfare. |
| It comes a day after Work and Pensions Secretary Iain Duncan Smith said Britain's welfare system is "trapping" poor people in poverty as he unveiled the government's Welfare Reform Bill. | |
| BBC political correspondent Reeta Chakrabarti says Mr Cameron is expected to lay out the government's broad economic priorities, attack the legacy left by Labour and outline the changes he hopes to introduce. | BBC political correspondent Reeta Chakrabarti says Mr Cameron is expected to lay out the government's broad economic priorities, attack the legacy left by Labour and outline the changes he hopes to introduce. |
| He will say the economy has become too dependent on the public sector, over-focussed on the City at the expense of manufacturing, and with too many people reliant on welfare. | He will say the economy has become too dependent on the public sector, over-focussed on the City at the expense of manufacturing, and with too many people reliant on welfare. |
| But while Mr Cameron will set out his longer term aspirations, the issue of potential tax rises and spending cuts will not be mentioned until the Budget next month, our correspondent said. | But while Mr Cameron will set out his longer term aspirations, the issue of potential tax rises and spending cuts will not be mentioned until the Budget next month, our correspondent said. |
| 'Unbalanced economy' | 'Unbalanced economy' |
| In his speech, Mr Cameron will say the country is at a "turning point". | In his speech, Mr Cameron will say the country is at a "turning point". |
| "The decisions we make now will live with us for decades to come. For many years we have been heading in the wrong direction," he will say. | "The decisions we make now will live with us for decades to come. For many years we have been heading in the wrong direction," he will say. |
| "Our economy has become more and more unbalanced, with our fortunes hitched to a few industries in one corner of the country, while we let other sectors like manufacturing slide. | "Our economy has become more and more unbalanced, with our fortunes hitched to a few industries in one corner of the country, while we let other sectors like manufacturing slide. |
| "It has become over-reliant on welfare, with mass worklessness accepted as a fact of life and around five million people now on out-of-work benefits. | "It has become over-reliant on welfare, with mass worklessness accepted as a fact of life and around five million people now on out-of-work benefits. |
| "It has become increasingly hostile to enterprise, with business investment in the past decade growing at around 1% each year - only a quarter of what it was the decade before. | "It has become increasingly hostile to enterprise, with business investment in the past decade growing at around 1% each year - only a quarter of what it was the decade before. |
| "It has become far too dependent on the public sector, with over half of all jobs created in the last 10 years associated in some way with public spending." | "It has become far too dependent on the public sector, with over half of all jobs created in the last 10 years associated in some way with public spending." |