Full text: David Cameron's speech to the British Chambers of Commerce

Five years ago we came into office with one task that ranked above all the others...

....to help engineer a private sector revival – and get Britain back to living within its means again.

For five years we have been working in partnership with you...

...and today, when you look at all the central questions facing our country – whether Britain can compete, and grow, and create jobs, and pay its way in the world...

...the answer is a resounding “yes”.

It’s thanks to you – and businesses like you – that last year we were the fastest-growing major economy.

It’s thanks to you there are 1.75 million more people in work in our country.

It’s thanks to you that this recovery is taking root not just here in London but right across our country.

And let me say this.

When I see businesses on the move – expanding, succeeding – it quickens the pulse.

Yes, of course, I like what it all means – but I also deeply admire the people who make it happen.

As I go up and down the country – you may have seen me in the odd high vis jacket – I am inspired by what I see.

I see the ups and downs. I see the sacrifices it takes to succeed; the risks and rewards – the joy and the frustration.

Every time I lay a foundation stone, cut a ribbon, unveil a plaque, shake a hand, present an award, I see Britain coming back...

...and it fills my heart with pride to see what you have achieved these last five years.

This recovery has been firmly business-led – but I hope you will agree that this government has played its part.

If you look at all those things you asked for – with our long-term economic plan, we have delivered...

...and we are committed to delivering for you again in the next Parliament.

You asked for a stable framework to do business in – and we have delivered.

Inflation low. Interest rates low. Stability locked in.

The UK economy is now seen as a safe bet – attracting investment from around the world.

This didn’t happen by accident.

It is the result of difficult, long-term decisions taken by this Government.

So far we’ve cut the deficit in half.

And we’ve been clear what we’d do in the next Parliament:

Not just balancing the books but running a budget surplus.

With us, in 2018, our government will be taking in more than it is spending for the first time in 18 years.

We will be back in the black, paying down our debt, protecting our economy against any future shocks...

...and that will give you the certainty and confidence to plan for the future.

You asked that while we got Britain back living within her means, we should invest in the things that really matter...

...science, superfast broadband, our railways and roads.

That is what we’ve done.

The science budget – protected.

40,000 homes and business connected to superfast broadband every week.

Crossrail – Europe’s largest construction project – almost complete.

There’s High Speed 2 – the first new railway line North of London since the Victorian times...

...and Hinkley Point – the first nuclear power station for a generation.

As for the next Parliament – we have set out an unprecedented programme of investment to 2020 in transport, science, schools, housing...

...and we have made another landmark commitment.

Alongside our budget surplus rule, Conservatives have said that in the next Parliament we will always grow capital investment at least in line with GDP.

In other words, we won’t just fix the roof while the sun is shining – but everything else too.

You asked for lower taxes – we’ve delivered...

...up to £2000 cut off National Insurance bills...

...corporation tax slashed to 20p this April – the lowest in the G20 – and by far the lowest rate in the G7.

And here I re-state a commitment for the next Parliament:

We guarantee to have the most competitive corporate tax regime in the G20...

...more competitive than the US, India, Germany, China, Canada, Brazil – all of them.

You asked for cuts to regulation – we have delivered.

The first Government in 40 years to have less regulation than when we started.

Domestic regulation has been cut by £10 billion over the past four years...

...and as we announced last weekend, we have a target for the next Parliament.

Cutting another £10 billion from your bills...

...that is a ‘deregulation dividend’ of £2000 per business.

You said “help us sell to the world” – and we have backed you.

We went into the Foreign Office and completely changed the mind-set.

No more squeamishness about mixing trade and diplomacy...

...our ambassadors are now trade envoys whose job is to sell Britain.

I have loaded up planes with businesspeople...

...we’ve had ayran in Ankara, teh-tarik in Kuala Lumpur, tea in Beijing.

The GREAT Britain campaign we started is our nation’s most ambitious international marketing campaign ever...

...flying the flag – literally – in 144 countries.

And all of this is working.

UK goods exports are up...

...to China by 110 per cent, to South Korea by 145 per cent.

In the next Parliament we have an ambition for 1 trillion exports.

Yes, this is challenging, but we will aim high.

And we will drive forward the first EU-US trade deal...

....as well as leading the charge on trade deals with China, India and Japan, so that we can expand the horizons of the whole EU.

And we heard some other things from you.

You said: “Get Britain building”...

...this has taken time, but we have done what is necessary to take the brakes off.

We unblocked the planning system...

...slashed the bureaucratic guidance from 1000 pages to 50...

... introduced Help to Buy which has had a profound effect on house-building right across the country...

...indeed in the past year alone, planning permission has been granted for 240,000 new homes.

As an added incentive to councils, we introduced the New Homes Bonus...

... and we said: keep 50 per cent of the business rates raised.

And I can tell you today we’d go further.

The next Conservative Government would substantially raise the proportion of business rates that local areas can keep.

We are at half today – we want to get that to at least two thirds.

So in that moment when you’re putting in an application for a commercial development, mixed use, whatever it may be...

...this is a further big incentive to get councils on your side and get Britain building.

You said “Get Britain learning”...

...and we have seen record numbers of Apprenticeships...

...2 million already...

...and if we have a Conservative Government – there will be funding for 3 million more.

You said “Get Britain working”...

...because no nation can succeed with a bloated welfare system that paid people not to work.

So we have done some difficult things.

Capping benefits...

...checking whether anyone on incapacity benefit is capable of work...

...setting up the largest welfare-to-work programme in our history.

Today there are 900,000 fewer people on the main out of work benefits than in 2010.

Our plan is working.

So in the next Parliament we would go further.

We would lower that benefit cap from £26,000 to £23,000 – so that it is work that pays and not welfare.

You asked us to “Get Britain lending” too...

...because frankly, a lot of businesses were desperate.

The credit had dried up, the banks weren’t listening, good businesses were in danger of going to the wall.

So we did a number of things.

Funding for Lending has pumped £47 billion into the economy.

The British Business Bank has supported over 21,000 businesses.

We introduced Start-up Loans – up to £25,000 for a great business idea – and these have been a huge success...

...25,000 already issued - with more to come.

Indeed they are such a success we would treble the number of entrepreneurs who get them in the next Parliament.

But I know, and you know, that more needs to be done.

Too many fast-growing businesses still find it hard to access finance.

I’m thinking particularly of those wanting to grow, who have established themselves and want to take that next step to becoming a medium-sized business, but cannot.

But as we see in countries like Germany, with their Mittelstand of strong, well-financed, medium-sized businesses – this is where a lot of the growth and jobs comes from.

Indeed here in the UK, 45 per cent of the job growth has come from our fastest growing medium-sized businesses.

Their businesses – your business – are the country’s job engine.

But they often struggle to get the finance they need to grow.

We need to think strategically about helping those small firms over the ‘valley of death’ funding gap so they can become medium firms...

...and the medium firms can become larger firms.

That’s why I have an announcement to make today.

The next Conservative Government would launch ‘Help to Grow’ – a new financing scheme to help us grow our businesses.

To help them get finance.

To walk safely through the financial ‘valley of death’.

Our ambition is to help 500 of our fastest growing firms annually - giving entrepreneurs the access to the kind of finance their German equivalent would get.

The Business Bank I set up has found the finance gap is likely to be up to £1billion per year.

1billion of opportunities – lost.

1billion of new investment – missed.

We will plug this billion-pound gap by using the Government’s balance sheet to guarantee loans by private lenders, or by co-investing public money alongside private money.

To test the best model for the Help to Grow scheme, I can announce that the British Business Bank will start a pilot scheme at the Budget with at least £100million of new lending.

This will allow us to get the best possible programme up and running if a Conservative government is formed after the Election.

I want Britain to have its own version of the German "Mittelstand" – a backbone of medium-sized firms which export, innovate, generate new jobs...

...and with our Help to Grow scheme, we will be there to back you.

So this is what we’re delivering.

A stable economy, massive investment in our roads and railways...

... lower taxes, less red tape...

...record apprenticeships, real planning reform, vital welfare reform, new ideas on finance...

...and a commitment to double down on all of it next time around.

And I have another message for you today.

Now that our long-term economic plan is truly working...

...together, we’ve got to make sure it works for everyone in our country.

Economic success can’t just be shown in the GDP figures or on the balance sheets of British businesses...

...but in people’s pay packets and bank accounts and lifestyles.

The most recent figures show that wages are already growing faster than inflation...

...and as the economy continues to grow it’s important this continues...

...and that everyone benefits.

Put simply – it’s time Britain had a pay rise.

This recovery has been marked by astounding job creation.

1000 more people in work, on average, every single day since the election.

To make sure more of those workers feel the effects of this recovery, this Government has already delivered the first real-terms increase in the minimum wage since the crisis.

I want that to go further – indeed we are on a trajectory to over £8 an hour by 2020.

As for business – the conditions have not been this good for a long time.

We’ve got the strongest growth for seven years.

We are seeing falling oil prices, meaning businesses up and down the country have lower prices on their inputs.

Inflation is at half a per cent.

Now that your costs are falling and it's cheaper to do business – I’m confident that more businesses will pass on that good economic news to their workers, in rising pay cheques and higher earnings.

That’s good for your employees...

...it’s good for you to have happier and more productive staff...

...and frankly it’s good for anyone who wants to make the argument for business.

Because for us business is not a conspiracy of runaway profits, depressed wages, inequality and unfairness...

...it is the best generator of growth, wealth, work and opportunity there is...

...and there would be no better way to demonstrate that right now than to give Britain a pay rise.

And today – this argument for business needs to be made.

You may have noticed a bit of a debate going on in British politics.

I want to say something very frank.

I’ve sat in Parliament from 2001 to 2015.

For the first 9 years of that I had opposite me on those green benches Tony Blair and Gordon Brown...

...and whatever else we disagreed on, we agreed that business is the generator of growth.

That long-held consensus in British politics is now over.

Labour want to hike up corporation tax...

...which new analysis shows could cost our economy over 96,000 jobs.

They’ve opposed every planning reform and every welfare reform.

They want to intervene in the market and fix prices.

Worst of all – Labour have no credible plan to deal with the deficit and get Britain back living within our means.

Just think of the risks to your business.

More borrowing, more debt, higher interest rates, a loss of confidence in Britain.

So I don’t want anyone here coming to me in a year’s time and saying “I didn’t realise it would be like this.”

A former Party leader, back in the day, gave a famous warning.

Let me update it – and change the Party.

I warn you.

I warn you not to grow your business – because they’ll come after you.

I warn you not to take people on – because they’ll slap taxes on you.

I warn you not to create wealth – because they’ll demonise you.

I warn you not to aspire to aspire, to work, to turn a profit, to build something better – because in their vision, you are the enemy...

...private sector ‘bad’; public sector ‘good’.

Everyone who works in a business or runs a business has reason to fear the alternative – and that is the plain truth.

Life will be very different.

So that is the choice.

Between competence or chaos.

Staying on the road to recovery – or choosing the path to ruin.

Because for us, it comes down to this.

This is a great British partnership between government and business.

Together we are not just pushing up those GDP figures – we are improving people’s lives.

This recovery is being felt in the young person who feels the pride of getting their first pay cheque...

...in the mother who is now working and can provide for her family.

It’s about our children and grandchildren not heading into the future saddled with more debt than they can ever hope to repay...

...but looking ahead with hope – because this is a nation with opportunities for them to seize, jobs for them to take and homes for them to buy.

Our long-term plan is quite simply about securing a better future for you, your family, and our country...

...so together – let’s see this through.