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| Version 4 | Version 5 |
|---|---|
| Cameron tells CBI euro woes having 'chilling effect' | Cameron tells CBI euro woes having 'chilling effect' |
| (40 minutes later) | |
| The crisis in the eurozone is having a "chilling effect" on the UK's economy, Prime Minister David Cameron has told the CBI conference. | The crisis in the eurozone is having a "chilling effect" on the UK's economy, Prime Minister David Cameron has told the CBI conference. |
| He said the stream of negative news about Europe was affecting confidence. | He said the stream of negative news about Europe was affecting confidence. |
| The government's strategy is to pay down debt and focus on growth, he has told the CBI. | The government's strategy is to pay down debt and focus on growth, he has told the CBI. |
| He also said that the chancellor would next week announce a "massive credit-easing scheme" to help small and medium-sized businesses borrow money. | He also said that the chancellor would next week announce a "massive credit-easing scheme" to help small and medium-sized businesses borrow money. |
| The details will come with the Autumn Statement on Tuesday 29 November. | The details will come with the Autumn Statement on Tuesday 29 November. |
| Mr Cameron gave several hints as to what would be in the Autumn Statement, including measures to deal with youth unemployment, to create links between infrastructure projects and enterprise schemes, and to simplify employment law. | Mr Cameron gave several hints as to what would be in the Autumn Statement, including measures to deal with youth unemployment, to create links between infrastructure projects and enterprise schemes, and to simplify employment law. |
| 'Dangerously wrong' | 'Dangerously wrong' |
| The CBI's annual conference, this year being held at a hotel in London's West End, has made boosting UK exports its centrepiece topic. | The CBI's annual conference, this year being held at a hotel in London's West End, has made boosting UK exports its centrepiece topic. |
| The CBI wants Britain to match the EU average of one in four small-to-medium-sized enterprises exporting by 2020. | The CBI wants Britain to match the EU average of one in four small-to-medium-sized enterprises exporting by 2020. |
| The prime minister criticised people calling for growth to be stimulated by additional spending funded by borrowing. | The prime minister criticised people calling for growth to be stimulated by additional spending funded by borrowing. |
| An executive said at the start of the CBI conference that he was looking for "something to hang onto". | |
| What he meant was that, in these gloomy economic times he was hoping to see signs of optimism. It was a difficult ask, given that this is just a one-day gathering. | |
| Yet, he was in a cheerier mood by late morning. | |
| It wasn't David Cameron's speech that changed his outlook (although he did give it seven-out-of-10), but the fact that he had met like-minded individuals also struggling to see a way out of the mess. | |
| And that is probably the single most important reason business people come to these events. It acts as a comfort blanket - everyone is in this together. | |
| He stressed that the country was "recovering from a debt crisis, not a traditional recession". | He stressed that the country was "recovering from a debt crisis, not a traditional recession". |
| "People who argue that traditional fiscal stimulus, extra spending funded by even more borrowing, is the right answer are not just wrong but dangerously wrong." | "People who argue that traditional fiscal stimulus, extra spending funded by even more borrowing, is the right answer are not just wrong but dangerously wrong." |
| Housing initiative | Housing initiative |
| Mr Cameron also told the conference: "Everyone agrees now that in the past Britain's economy had become lopsided: too dependent on debt, on consumption, on financial services. | Mr Cameron also told the conference: "Everyone agrees now that in the past Britain's economy had become lopsided: too dependent on debt, on consumption, on financial services. |
| "If we are to build a new model of growth, we need to give a massive boost to enterprise, entrepreneurship and business creation. | "If we are to build a new model of growth, we need to give a massive boost to enterprise, entrepreneurship and business creation. |
| "Put simply Britain must become one of the best places to do business on the planet." | "Put simply Britain must become one of the best places to do business on the planet." |
| David Cameron and the Deputy Prime Minister Nick Clegg, who is also at the conference, have also unveiled a government initiative on housing: a £400m fund to boost housebuilding. | David Cameron and the Deputy Prime Minister Nick Clegg, who is also at the conference, have also unveiled a government initiative on housing: a £400m fund to boost housebuilding. |
| They promised to break the "current cycle in which lenders won't lend, builders can't build and buyers can't buy". | They promised to break the "current cycle in which lenders won't lend, builders can't build and buyers can't buy". |