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David Cameron urges European leaders to 'be bolder' David Cameron urges European leaders to 'be bolder'
(about 1 hour later)
David Cameron has told EU leaders they must be "bolder" if they want to shake off their economic troubles.David Cameron has told EU leaders they must be "bolder" if they want to shake off their economic troubles.
The UK prime minister told the World Economic Forum in Davos it was a "perilous time" for Europe's economies and "tinkering won't cut it anymore".The UK prime minister told the World Economic Forum in Davos it was a "perilous time" for Europe's economies and "tinkering won't cut it anymore".
He called for a target for reducing Brussels red tape and for the EU to explore new free trade deals. He defended his government's deficit reduction plan, saying it helped the UK "get ahead of the markets".
He also defended his government's austerity plan saying it had helped the UK "get ahead of the markets". But UK opposition leader Ed Miliband, said the policy of "collective austerity" was not working.
And he suggested it would be "madness" for Europe to introduce a tax on financial transactions. A host of world leaders and business chiefs are addressing the annual conference in the Swiss ski resort.
More than 2,600 delegates are attending the annual conference in the Swiss ski resort - which is being addressed by a host of world leaders and business chiefs. 'Political will'
Mr Cameron's speech came 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 came the day after official figures showed 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 argued his government's efforts to tackle its deficit had "earned credibility and got (the UK) ahead of the markets" and eurozone leaders now take similarly decisive action. In a message to his European counterparts, Mr Cameron argued his government's efforts to tackle its deficit had "earned credibility and got (the UK) ahead of the markets", and eurozone leaders should now take similarly decisive action.
The eurozone crisis was "weighing down business confidence and investment" across Europe, he said, and EU leaders had to "to show the leadership our people are demanding".The eurozone crisis was "weighing down business confidence and investment" across Europe, he said, and EU leaders had to "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," he said."Tinkering here and there and hoping we'll drift to a solution simply won't cut it any more," he said.
Europe's problems - notably the debt crisis in Greece and the question marks over European banks - were clear, he said, but he claimed that "with bold action and real political will we can fix them". Europe's problems - notably the debt crisis in Greece and the question marks over European banks - were clear, he said, and "with bold action and real political will we can fix them".
'Ambitious deals''Ambitious deals'
The UK prime minister warned that competitiveness remains Europe's "Achilles heel", with the single market incomplete, and "unnecessary" measures from Brussels burdening businesses and destroying jobs. He warned that competitiveness remained 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 said. "The truth is, we can't afford to wait any longer."
In the absence of a conclusion to the Doha free trade talks, Mr Cameron also proposed 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 also proposed that a "coalition of the willing" could "forge ahead with more ambitious deals of their own" with agreements with India, Canada and Singapore.
Free trade agreements with India, Canada and Singapore must be completed by the end of 2012, he said.
He also called 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 also called 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 went on."And why not an ambitious deal between Europe and Africa?" he went on.
Mr Cameron added: "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." Mr Cameron added: "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."
Prior to his speech, David Cameron hosted a meeting of UK business leaders - also attended by Chancellor George Osborne. The prime minister also suggested it would be "madness" for Europe to unilaterally introduce a tax on financial transactions - as it would see jobs being lost to other parts of the world.
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. Prior to his speech, Mr Cameron hosted a meeting of UK business leaders also attended by Chancellor George Osborne.
Labour's Ed Miliband, who is also in Davos, said the prime minister should be focusing on "taking action at home to get the UK economy moving".
"But he is not doing that. He is standing by because he is stuck with the policy of collective austerity all round the world. It is not working.
"He needs to wake up and realise that, rather than being so complacent about what is happening in Britain."