Cameron: Govt will rebalance economy

Monday, 25 October 2010 12:00 AM

David Cameron sets out his economic stall for growth to business leaders at the CBI:

"I can announce today the UK's first ever national infrastructure plan setting out the infrastructure Britain needs and how we will unlock some £200 billion worth of public and private sector investment over the next five years to deliver it.

"This is incredibly exciting, and it shows how, together, we can help create the right framework for growth in which British business can thrive and compete with the rest of the world.

"The immediate challenge is to rebuild the economy, creating the conditions for enterprise to flourish based on an expansion of the private sector.

"The economy has been too reliant on growth from a limited number of sectors and regions. The infrastructure investment programme will help rebalance the economy and give industries the right conditions in which to grow.

"Over the course of this parliament - and the next - I believe we can transform our fortunes.

"I believe in competition," the prime minister said. "I believe when new entrants challenge big business, everyone wins. This hasn't always been the view of the government.

"In the 1980s, initially the government attempted to build British Telecom and Cable and Wireless into 'national champions' by sheltering them from competition. This approach failed.

"Today, some industries are too uncompetitive, with significant barriers to entry and obstacles to growth. We're going to challenge the status quo."

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