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PM to stand by deficit-reduction policy

The Prime Minister has pledged to stand by the Government’s deficit-reduction policy, in a speech to potential global investors ahead oft he Olympic Games.

Yesterday (Wednesday), official figures showed that the UK economy shrank by 0.7% in Q2, but David Cameron was keen to stress that despite this the Government has a “credible and steady plan” in place.

Speaking at the British Business Embassy in Lancaster House, Mr Cameron also said that the Games were good “value for money”, despite their £9.3 billion cost due to their potential to generate trade.

4,000 business leaders and policymakers are set to attend 17 sector level summits over the course of the games, and the Government hopes that the deals formed at these events will generate up to £13 billion in trade, tourism and investment over the next four years.

“We’ve taken bold decisions to sort out our public finances and earn credibility with the markets. Be in no doubt: we will go on and finish the job.” Mr Cameron said. “We will deal with the deficit. We will keep UK interest rates low.

“And we will continue to take the tough decisions that are necessary for business leaders and investors to have confidence in the long term future of the British economy.

“My message today is very simple: Britain is back open for business.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .