Cameron tells City UK is still a world force

DAVID Cameron defied those that believe Britain is a fading power as he gave his first speech as Prime Minister to the City at Mansion House arguing instead that Britain remained “a great economic power.”

The Prime Minister said: “We have the resources – commercial, military and cultural – to remain a major player.

“Far from looking back, starry-eyed, on a glorious past this country can look forward, clear-eyed, to a great future.”

Cameron told the Lord Mayor’s banquet Britain was still open for business adding: “Show me a city in the world with stronger credentials than the City of London”.

And he promised the government would “at each and every turn” stand up for the financial services and City of London. “London is Europe’s pre-eminent financial centre,” he added. “With this government I am determined it will remain so.”

The Prime Minister said there was no reason why the rise of new economic powers should lead to a loss of British influence globally reiterating the fact that the UK remained the fourth largest economy in the world.

“We have the relationships – with the most established powers and the fastest-growing nations – that will benefit our economy,” he added.

He also said Britain’s military power would not be diminished in spite of the recent cuts to the defence budget under the Strategic Defence Review last month.

While putting forward a generally upbeat message about Britain’s position in the world, Cameron warned there were changes that needed to be made to maintain this standing.

The Prime Minister warned economic weakness at home would translate into political weakness abroad adding: “The faster we can get our domestic house in order the more substantial and credible our international impact is going to be.”