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| David Cameron urging European leaders to 'be bolder' | |
| (about 1 hour later) | |
| David Cameron is addressing the World Economic Forum in a speech in which he is expected to tell EU leaders they must be "bolder" if they want to shake off their economic troubles. | |
| Mr Cameron is set to urge the EU to explore free trade deals with other major trading blocs like the US. | |
| He is also expected to call for a target for reducing Brussels red tape, which he says is holding back business. | |
| The annual gathering is being held in the Swiss ski resort of Davos. | The annual gathering is being held in the Swiss ski resort of Davos. |
| More than 2,600 delegates - including world leaders, economists and business chiefs - are attending the conference. | More than 2,600 delegates - including world leaders, economists and business chiefs - are attending the conference. |
| Mr Cameron's speech comes the day after official figures show the UK economy shrank by 0.2% in the final quarter of 2011, with worries about the prospect of a return to recession. | Mr Cameron's speech comes the day after official figures show the UK economy shrank by 0.2% in the final quarter of 2011, with worries about the prospect of a return to recession. |
| The International Monetary Fund also downgraded its forecasts for global growth earlier this week. | The International Monetary Fund also downgraded its forecasts for global growth earlier this week. |
| In a message to his European counterparts, Mr Cameron will say that now is "the time to show the leadership our people are demanding". | In a message to his European counterparts, Mr Cameron will say that now is "the time to show the leadership our people are demanding". |
| "Tinkering here and there and hoping we'll drift to a solution simply won't cut it any more. | "Tinkering here and there and hoping we'll drift to a solution simply won't cut it any more. |
| "This is a time for boldness not caution - boldness in what we do nationally, and together as a continent," he will say. | "This is a time for boldness not caution - boldness in what we do nationally, and together as a continent," he will say. |
| 'Ambitious deals' | 'Ambitious deals' |
| The UK prime minister will warn that competitiveness remains Europe's "Achilles heel", with the single market incomplete, and "unnecessary" measures from Brussels burdening businesses and destroying jobs. | The UK prime minister will warn that competitiveness remains Europe's "Achilles heel", with the single market incomplete, and "unnecessary" measures from Brussels burdening businesses and destroying jobs. |
| "Here's the checklist - all proposed EU measures tested for their impact on growth; a target to reduce the overall burden of EU regulation; a new proportionality test to prevent needless barriers to trade in services and slash the number of regulated professions in Europe. | "Here's the checklist - all proposed EU measures tested for their impact on growth; a target to reduce the overall burden of EU regulation; a new proportionality test to prevent needless barriers to trade in services and slash the number of regulated professions in Europe. |
| "The truth is, we can't afford to wait any longer," he will say. | "The truth is, we can't afford to wait any longer," he will say. |
| In the absence of a conclusion to the Doha free trade talks, Mr Cameron will also propose that a "coalition of the willing" could "forge ahead with more ambitious deals of their own". | In the absence of a conclusion to the Doha free trade talks, Mr Cameron will also propose that a "coalition of the willing" could "forge ahead with more ambitious deals of their own". |
| Free trade agreements with India, Canada and Singapore must be completed by the end of 2012, he will say. | Free trade agreements with India, Canada and Singapore must be completed by the end of 2012, he will say. |
| He will also call for the EU to "look at options for agreement" with the US in a deal that "could have a bigger impact than all of the other agreements put together". | He will also call for the EU to "look at options for agreement" with the US in a deal that "could have a bigger impact than all of the other agreements put together". |
| "And why not an ambitious deal between Europe and Africa?" he will go on. | "And why not an ambitious deal between Europe and Africa?" he will go on. |
| Mr Cameron will tell EU leaders: "This is a bold agenda on trade which can deliver tangible results this year, and I am proposing that we start work on it immediately. | Mr Cameron will tell EU leaders: "This is a bold agenda on trade which can deliver tangible results this year, and I am proposing that we start work on it immediately. |
| "All these decisions lie in our own hands. The problems we face are man-made and with bold action and real political will we can fix them." | "All these decisions lie in our own hands. The problems we face are man-made and with bold action and real political will we can fix them." |
| Industrial policy | Industrial policy |
| Former EU Trade Commissioner Lord Mandelson said the government needed to be doing much more of the "heavy lifting" to help Britain compete in high-tech, high-value sectors of the economy and to export to emerging markets. | Former EU Trade Commissioner Lord Mandelson said the government needed to be doing much more of the "heavy lifting" to help Britain compete in high-tech, high-value sectors of the economy and to export to emerging markets. |
| The former Labour minister praised the approach of Business Secretary Vince Cable and his deputy, science minister David Willetts, but said they were being held back by a lack of resources. | The former Labour minister praised the approach of Business Secretary Vince Cable and his deputy, science minister David Willetts, but said they were being held back by a lack of resources. |
| "I am actually very proud and pleased with what Vince Cable is doing... I read a speech by David Willetts the other day and I could have written every word of it myself. | "I am actually very proud and pleased with what Vince Cable is doing... I read a speech by David Willetts the other day and I could have written every word of it myself. |
| "In a sense it is taking to a higher and more sophisticated level the sort of industrial policy thinking and actions that I was introducing when I came back to government (in 2008)." | "In a sense it is taking to a higher and more sophisticated level the sort of industrial policy thinking and actions that I was introducing when I came back to government (in 2008)." |
| But he added: "The problem is it is done on such a ludicrously small scale. You look at what France and Germany are doing. Very often we have the right ideas, we want to go in the right direction but we do it in such a piecemeal way." | But he added: "The problem is it is done on such a ludicrously small scale. You look at what France and Germany are doing. Very often we have the right ideas, we want to go in the right direction but we do it in such a piecemeal way." |
| Prior to his speech, David Cameron will host a meeting of UK business leaders - also attended by Chancellor George Osborne. | Prior to his speech, David Cameron will host a meeting of UK business leaders - also attended by Chancellor George Osborne. |
| Labour leader Ed Miliband, who has called on the government to change its economic strategy and slow the pace of spending cuts, is also in Davos attending a range of meetings. | Labour leader Ed Miliband, who has called on the government to change its economic strategy and slow the pace of spending cuts, is also in Davos attending a range of meetings. |