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Cameron tells CBI sorting debt 'harder than envisaged' | Cameron tells CBI sorting debt 'harder than envisaged' |
(40 minutes later) | |
Getting debt under control is proving harder than anyone envisaged, the prime minister has told the CBI conference. | Getting debt under control is proving harder than anyone envisaged, the prime minister has told the CBI conference. |
David Cameron hinted at some solutions to be included in the chancellor's Autumn Statement on 29 November. | David Cameron hinted at some solutions to be included in the chancellor's Autumn Statement on 29 November. |
He said there would be a "massive credit-easing scheme" to help small and medium-sized businesses borrow money. | He said there would be a "massive credit-easing scheme" to help small and medium-sized businesses borrow money. |
The chancellor will unveil measures to deal with youth unemployment and to create links between infrastructure projects and enterprise schemes. | The chancellor will unveil measures to deal with youth unemployment and to create links between infrastructure projects and enterprise schemes. |
The government also plans measures to simplify employment law. | The government also plans measures to simplify employment law. |
Elsewhere in his speech to the CBI, Mr Cameron said that the crisis in the eurozone was having a "chilling effect" on the UK's economy, and that the stream of negative news about Europe was affecting confidence. | Elsewhere in his speech to the CBI, Mr Cameron said that the crisis in the eurozone was having a "chilling effect" on the UK's economy, and that the stream of negative news about Europe was affecting confidence. |
The government's strategy is to pay down debt and focus on growth, he said. | The government's strategy is to pay down debt and focus on growth, he said. |
'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". | 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. | 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. | 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. | 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. | 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." |
But Labour leader Ed Miliband said the measures announced were inadequate. | But Labour leader Ed Miliband said the measures announced were inadequate. |
"David Cameron's speech shows he is out of touch with economic reality and does not understand the scale of the economic crisis facing the country," he said. | "David Cameron's speech shows he is out of touch with economic reality and does not understand the scale of the economic crisis facing the country," he said. |
"These measures are too little, too late from the man who was responsible for choking off growth in the British economy when he came to power." | "These measures are too little, too late from the man who was responsible for choking off growth in the British economy when he came to power." |
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". |