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Essentially we need a new social consensus for economic reform as New Labour has achieved in Britain.

You know the illusion of the cheap money is over and now Britain has to go out there and graft and earn its way and create wealth and prosperity in a very competitive world.

I want Britain to be the home of successful competitive and stable financial services.

The British economy of the future must be built not on the shifting sands of boom and bust, but on the bedrock of prudent and wise economic management for the long term. It is only these firm foundations that we can raise Britain's underlying economic performance.

We need to have a strong economy that can create employment opportunities and that can also produce the revenue that we need to defend our country at home and abroad.

To all companies large and small, I would say this: the British economy is fundamentally strong; we are highly competitive, and we are open for business.

Britain is one of the world's most open economies. More dependent on trade than any other major country. Our success depends on our competitiveness and our competitiveness depends on raising our productivity, as our competitors are raising theirs.

I believe we now have a glorious opportunity: we can pass our laws and set our taxes entirely according to the needs of the U.K. economy.

If there is to be any hope of prosperity for this country it is by reversing that policy which made us simply the kitchen garden for supplying the British with cheap food.

I don't just want a better deal for Britain. I want a better deal for Europe too. So I speak as British prime minister with a positive vision for the future of the European Union. A future in which Britain wants, and should want, to play a committed and active part.