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May 28, 2010    

Cameron pledges to “transform our economy”

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by Kay Murchie

In his first major speech since becoming Prime Minister David Cameron has today promised to “transform our economy” and make the next decade the “most entrepreneurial and dynamic in our history”.

Outlining the Government’s strategy for economic growth, he has also pledged to help firms by cutting red tape, improving trade and transport links and getting banks lending again.

He also said that his Government’s ambition was to have the “most competitive corporate tax system in the G20″.

In a speech in Shipley, West Yorkshire, Mr Cameron said: “This is my message today. There is no such thing as economic destiny. We can transform our economy here. We can turn this around. We make the future ourselves.

“Instead of controlling business, we will free enterprise to compete. Instead of acting with short-term initiatives, we will think long-term about the modern support our economy needs. Instead of tolerating economic apartheid, we will give local people the power and the freedom to build success from the bottom up. Let’s make the next decade the most entrepreneurial and dynamic in our history - and let’s do it together. All of us, across Britain, sharing in our prosperity.”

He has reiterated that the Government’s priority is to bring the budget deficit down. Earlier this week, Chancellor George Osborne unveiled details of the new coalition Government’s plans to shave £6.2 billion off public spending this financial year.

In related news today, the PM said the Bank of England needs to set interest rates in order to control inflation.

UK inflation rose to 3.7% in April – the highest level in 17 months and far exceeding the 2% target.

Speaking on GMTV today, Mr Cameron said: “We have seen a slightly worrying increase in inflation in recent months so interest rates will be set to control inflation.”

Earlier this week, think tank, the OECD, recommended that the UK raise interest rates “no later than the last quarter of 2010” in order to bring down inflation.

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