H.M. TREASURY Speech by the Chancellor of the Exchequor at the UK-US Enterprise Conference

CHECK AGAINST DELIVERY

SPEECH BY THE CHANCELLOR OF THE EXCHEQUER AT THE UK-US ENTERPRISE CONFERENCE ON 2 JULY 1999

MR AMBASSADOR, DISTINGUISHED GUESTS.

IN WELCOMING ALL OF YOU TO THIS UNIQUE TRANSATLANTIC CONFERENCE HERE IN LONDON TODAY, LET ME BEGIN BY SAYING THAT RELATIONS BETWEEN THE USA AND THE UNITED KINGDOM HAVE NEVER BEEN STRONGER, NEVER BEEN MORE CORDIAL AND NEVER BEEN AS EXTENSIVE AS THEY ARE TODAY, AS THIS DISTINGUISHED AUDIENCE FROM THE UNITED STATES DEMONSTRATES.

AND IN THANKING THE AMBASSADOR NOT ONLY FOR HIS ROLE OVER THE LAST FEW MONTHS IN ORGANISING THIS CONFERENCE BUT FOR HIS WORK OVER MANY YEARS NOW IN PROMOTING LINKS BETWEEN BRITAIN AND THE UNITED STATES, I HOPE THAT TODAY'S CONFERENCE - A LANDMARK OF OUR JOINT COOPERATION ON THE ECONOMIC ISSUES OF THE FUTURE - CAN HELP ALL OF US TAKE FORWARD THE AGENDA OF THE COMING CENTURY - THE PROMOTION OF INNOVATION, COMPETITION, AND ENTERPRISE, THE DRIVERS OF GROWTH AND PROSPERITY FOR ALL, SO THAT OUT OF DIALOGUE CAN COME CONSENSUS, AND OUT OF CONSENSUS A STRONGER PARTNERSHIP FOR THE FUTURE.

IT IS MY BELIEF THAT THE UNITED KINGDOM AND THE UNITED STATES CAN NOT ONLY CELEBRATE TOGETHER THE EXPERIENCE OF A SHARED HISTORY, BUT ALSO CELEBRATE SOMETHING EVEN MORE PROFOUND - SHARED VALUES WHICH BIND US EVER MORE CLOSELY TOGETHER: A COMMITMENT TO LIBERTY AND TO OPPORTUNITY FOR ALL; A BELIEF IN HARD WORK AND ENTERPRISE; AND A HISTORY AND CULTURE THAT MAKE US NOT ISOLATIONIST AND PROTECTIONIST BUT ALL OF US AMBASSADORS FOR OPENNESS, INTERNATIONALISM AND AN OUTWARD-LOOKING APPROACH TO THE GLOBAL ECONOMY - DEMONSTRATED IN OUR MUTUAL COMMITMENT THAT ECONOMIC EXPANSION THROUGH OPEN MARKETS IS KEY TO GROWTH AND PROSPERITY.

INCREASED WEALTH AND PROSPERITY FOR EVERY COUNTRY IN THE NEW CENTURY WILL DEPEND ON THE ESSENTIAL FOUNDATIONS:

- OF ECONOMIC STABILITY THAT COMES FROM A SOUND AND DISCIPLINED MONETARY AND FISCAL POLICY; AND

- OF ENTERPRISE IN THE NEW KNOWLEDGE BASED ECONOMY.

SO TODAY I WANT TO TALK ABOUT THE MAJOR REFORMS WE ARE MAKING IN OUR LABOUR MARKETS, OUR CAPITAL MARKETS AND OUR PRODUCT MARKETS, TO BUILD THAT ENTERPRISE ECONOMY, OPEN TO ALL THE TALENTS.

STABILITY

FIRST, IN THE NEW GLOBAL MARKETPLACE NATIONAL ECONOMIES MUST BE FOUNDED ON THE ROCK OF STABILITY - ALL OF US IN WHATEVER COUNTRY PURSUING POLICIES FOR MONETARY AND FISCAL STABILITY. POLICIES WHICH IN BRITAIN HAVE LED US NOT ONLY TO MAKE OUR CENTRAL BANK INDEPENDENT AND DEPOLITICISE MONETARY POLICY - AS YOU HAVE DONE - WITH A CLEAR INFLATION TARGET AND NEW RULES FOR DELIVERING IT, BUT AS IMPORTANT PUTTING IN PLACE A LONG-TERM FISCAL FRAMEWORK FOR SUSTAINABLE PUBLIC FINANCES, AS YOU HAVE DONE, IN OUR CASE UNDERPINNED BY LEGISLATION, WITH CLEAR RULES THAT, OVER THE CYCLE, THERE IS A CURRENT BUDGET BALANCE AND PRUDENT LEVELS OF DEBT.

AS A RESULT OF THE DECISIONS THAT WE TOOK, INFLATION HAS BEEN BROUGHT DOWN TO HISTORICALLY LOW LEVELS. INTEREST RATES HAVE NOW COME DOWN SEVEN TIMES IN THE LAST NINE MONTHS, WE NOW HAVE THE LOWEST MORTGAGE RATES AND LOWEST LONG TERM INTEREST RATES FOR OVER 30 YEARS. AND WE HAVE TACKLED THE FISCAL DEFICIT WHICH WE INHERITED: CUTTING PUBLIC BORROWING IN OUR FIRST TWO YEARS BY £32 BILLION.

BUT THE EXPERIENCE OF THE LAST TWENTY YEARS SHOWS THAT SIMPLY TRYING TO CONTROL INFLATION ALONE WITHOUT TACKLING THE UNDERLYING CAUSES OF SLUGGISH PRODUCTIVITY GROWTH AND INFLATIONARY PRESSURE HAS PROVEN TO DELIVER NEITHER STABILITY NOR THE HIGH AND STABLE LEVELS OF GROWTH AND EMPLOYMENT THAT WE SET AS OUR CENTRAL OBJECTIVE ON COMING INTO GOVERNMENT.

IN OTHER WORDS STABILITY IS A NECESSARY PRE-CONDITION TO DELIVER OUR OBJECTIVES FOR GROWTH AND EMPLOYMENT, BUT IT IS NOT SUFFICIENT. AN ECONOMY MUST FLY ON BOTH WINGS.

PRODUCTIVITY

SO LET ME TURN TO THE TASK OF RAISING OUR LONG-TERM GROWTH RATE, AND LESSONS WE CAN LEARN FROM EACH OTHER.

WE ARE ONLY 182 DAYS FROM THE MILLENNIUM.

THIS IS AN ASTONISHING AGE OF POSSIBILITIES, ONLY TWENTY YEARS AGO PHONE CONVERSATIONS TRAVELLED BY COPPER WIRES WHICH CARRIED LESS THAN ONE PAGE OF INFORMATION PER SECOND. TODAY, A STRAND OF OPTICAL FIBRE AS THIN AS A HUMAN HAIR CAN TRANSMIT IN A SINGLE SECOND THE EQUIVALENT OF OVER 90,000 VOLUMES OF AN ENCYCLOPAEDIA.

AND THERE COULD BE MORE INNOVATION IN THE NEXT TWENTY YEARS THAN AT ANY TIME IN THE LAST TWO HUNDRED.

THE INNOVATION RICH ECONOMY REQUIRES THE OPPORTUNITY RICH SOCIETY.

THIS IS NOT A TIME FOR COMPLACENCY, NOT A TIME TO PAUSE, IT IS THE TIME TO RAISE OUR SIGHTS BROADEN OUR HORIZONS, LEARN FROM EACH OTHER, BE OPEN TO CHANGE AND TO EQUIP OURSELVES FOR THE CHALLENGES AHEAD.

IN THE NEW BRITAIN WE WANT MORE ENTERPRISE, MORE INVESTMENT, MORE INNOVATION, MORE COMPETITION, BETTER EDUCATION AND PREPARATION FOR THE FUTURE.

I WANT BRITAIN TO BE A WORLD LEADER IN ENTERPRISE - A BRITAIN IN WHICH GREATER COMPETITION AT HOME IS RECOGNISED TO BE THE KEY TO GREATER COMPETITIVENESS ABROAD AND I WILL ANNOUNCE NEW PROPOSALS TODAY FOR ACHIEVING THIS.

INSTEAD OF THE LOW INVESTMENT BRITAIN WE INHERITED I WANT A HIGH INVESTMENT BRITAIN, A BRITAIN WHERE WE REWARD ENTERPRISE AND ENCOURAGE THE ENTREPRENEURSHIP OF THE MANY.

INSTEAD OF THE LOW PRODUCTIVITY BRITAIN WE INHERITED I WANT A BRITAIN OF HIGH ASPIRATION WHERE THE HARDER YOU WORK THE BETTER YOU DO.

INSTEAD OF THE STUFFY OLD ELITISM OF THE PAST, I WANT A BRITAIN WHERE EVERYONE WHO HAS TALENT AND POTENTIAL IS RECOGNISED, WHERE EVERYONE WHATEVER THEIR BACKGROUND KNOWS THEY HAVE A CONTRIBUTION TO MAKE.

SO WE MUST COMBINE OUR STRATEGY FOR STABILITY WITH THE MODERNISATION OF LABOUR, CAPITAL AND PRODUCT MARKETS, THE ENCOURAGEMENT OF INNOVATION AND AN ENTERPRISE CULTURE OPEN TO ALL, AND THE BUILDING OF A MODERN SKILLS BASE.

LET ME SET OUT OUR AGENDA.

FIRST, BECAUSE COMPETITION IS THE SPUR TO EFFICIENCY AND INNOVATION, AND BECAUSE GREATER COMPETITION AT HOME WILL MEAN GREATER COMPETITIVENESS ABROAD, WE ARE CREATING THE MOST OPEN COMPETITION POLICY THIS COUNTRY HAS EVER SEEN.

THE SHARPEST SPUR TO ENTERPRISE IS COMPETITION. NOT ONLY IS IT THE BEST GUARANTEE OF REWARDS FOR INNOVATION AND HARD WORK BUT IT OFFERS THE BEST PROSPECT OF A BETTER DEAL FOR CONSUMERS AND LOWER PRICES, WHETHER IT BE COMPETITION IN BASIC ESSENTIALS LIKE GAS, ELECTRICITY, WATER AND TELEPHONES, IN FINANCIAL SERVICES OR IN CONSUMER GOODS, WHERE OFTEN PEOPLE WHO CAN ILL AFFORD TO ARE PAYING OVER THE ODDS FOR THE GOODS THEY NEED TO BUY.

IT IS WHOLLY UNACCEPTABLE TO THIS GOVERNMENT THAT SOME CONSUMER GOODS STILL COST TWICE AS MUCH IN BRITAIN AS IN AMERICA AND WE PROPOSE TOUGH ACTION.

IN 1997 SO THAT INTEREST RATE DECISIONS WOULD BE SET FOR THE LONG TERM NEEDS OF THE ECONOMY AND THE PUBLIC, THE GOVERNMENT MADE THE BANK OF ENGLAND, BRITAIN'S MONETARY AUTHORITY, INDEPENDENT OF GOVERNMENT.

NOW, SO THAT COMPETITION WILL BE ENCOURAGED FOR THE LONG TERM NEEDS OF THE ECONOMY AND THE PUBLIC, WE ARE MAKING OUR COMPETITION AUTHORITY INDEPENDENT, FREE OF POLITICAL INFLUENCE, OPENING UP THE UTILITIES, CONSUMER GOODS AND FINANCIAL SERVICES TO EVEN GREATER COMPETITION.

SO THE DAYS OF PICKING WINNERS, UNECONOMIC STATE SUBSIDIES AND CORPORATE FIXES ARE OVER AND CANNOT RETURN. WHEREVER THERE ARE BARRIERS TO COMPETITION WE WILL TACKLE THEM.

OUR NEW COMPETITION ACT FOR THE FIRST TIME PROHIBITS ALL ANTI-COMPETITIVE PRACTICES, GIVES THE OFFICE OF FAIR TRADING A PRO-ACTIVE REMIT AND NOW EXTRA RESOURCES TO ROOT OUT CARTELS AND RESTRICTIVE BEHAVIOUR, GIVES THE COMPETITION AUTHORITIES THE POWER TO FINE UP TO 10% OF COMPANY TURNOVER AND IMPOSES NOT JUST CIVIL BUT CRIMINAL PENALTIES FOR THOSE WHO TRY TO OBSTRUCT THEIR INVESTIGATIONS.

IN EVERY AREA WE MUST ASK WHETHER WE ARE IMPEDING OR ENHANCING COMPETITION. AND THE UK MUST LEARN FROM THE USA OF THE NEED FOR EFFECTIVE SCRUTINY OF REGULATORY RULES WHERE THESE RULES MAY HAVE A SIGNIFICANT IMPACT ON THE STRUCTURE, COMPETITIVENESS AND DYNAMICS OF A MARKET.

THE ISSUE IS NOT REGULATION VERSUS DEREGULATION BUT STRIKING THE RIGHT BALANCE BETWEEN MINIMUM STANDARDS AND OPEN AND COMPETITIVE MARKETS.

AS YOU WILL KNOW, WE HAVE LAUNCHED A MAJOR INDEPENDENT REVIEW OF COMPETITION IN OUR BANKING SECTOR IN WHICH DON CRUICKSHANK IS WORKING WITH THE BANKS TO EXAMINE THE OBSTACLES TO FIRMS GETTING THE FINANCE THEY NEED TO START AND TO GROW.

DON CRUICKSHANK IS EXAMINING THE RIGHT BALANCE TO BE STRUCK BETWEEN ENSURING PROPER PRUDENTIAL STANDARDS AND PROMOTING COMPETITIVE MARKETS, CONSISTENT WITH THE GOVERNMENT'S WIDER APPROACH TO THE FUTURE OF COMPETITION POLICY AS SET OUT BY THE SECRETARY OF STATE FOR TRADE AND INDUSTRY. I AM PLEASED TO SAY THAT HE WILL BE PUBLISHING AN INTERIM REPORT BEFORE THE END OF THIS MONTH AND I AWAIT HIS INITIAL CONCLUSIONS WITH INTEREST.

SECOND, THE NEW ENTERPRISE BRITAIN IS NOT JUST ENCOURAGING NEW ENTRANTS AND RISK TAKING BY AN OPEN COMPETITION POLICY BUT BY CUTTING BUSINESS TAXES AND TACKLING RED TAPE.

BECAUSE WE BELIEVE INVESTMENT IN ENTERPRISE IS THE KEY TO SUCCESS IN THE NEW ECONOMY, WE HAVE CUT THE MAIN RATE OF CORPORATION TAX FROM 33P TO 30P, THE LOWEST RATE IN THE HISTORY OF UK CORPORATION TAX, THE LOWEST OF ALL MAJOR INDUSTRIALISED COUNTRIES, CUT SMALL COMPANIES TAX FROM 23P TO 20P, WITH A NEW STARTING RATE OF 10P, AND GIVEN AN ASSURANCE TO BUSINESS FOR THE REMAINDER OF THIS PARLIAMENT THAT INSTEAD OF RATES WE INHERITED OF 33 AND 23, OUR RATES WILL BE 30, 20 10P OR LOWER, TOGETHER WITH STABILITY, THE BIGGEST BOOST TO INVESTMENT WE CAN GIVE.

WE HAVE REFORMED CAPITAL GAINS TAX TO REWARD COMMITTED LONG TERM INVESTMENT, TO NOURISH A NEW ENTERPRISE ECONOMY OPEN TO ALL THE TALENTS, CREATING, FOR THE FIRST TIME, A LONG TERM RATE OF ONLY 10 PER CENT FOR BUSINESS INVESTMENT.

RECENT WORK ON THE PROBLEMS WHICH SMALL BUSINESSES FACE IN RAISING FINANCE TO GROW WHERE THEY HAVE LITTLE TRACK RECORD HIGHLIGHTS THE NEED FOR REFORM IN OUR CAPITAL MARKETS.

DESPITE THE GENERAL STRENGTH OF BRITAIN'S EQUITY MARKETS OUR ENTREPRENEURS ARE TOO DEPENDENT ON BANK LOANS AND HAVE PROBLEMS OBTAINING EQUITY FINANCE.

BRITISH VENTURE CAPITAL, WHILE STRONG ON MANAGEMENT BUY OUTS, HAS BEEN WEAK ON INVESTMENT IN HIGH TECHNOLOGY FIRMS. SO MORE CAN BE DONE.

I HAVE ASKED LORD TROTMAN WHO HAVE JUST STEPPED DOWN AS CHAIRMAN OF FORD TO CARRY OUT A REVIEW OF THE FISCAL AND RELATED STEPS THE GOVERNMENT HAS TAKEN TO PROMOTE THE ESTABLISHMENT AND GROWTH OF ENTERPRISE AND BUSINESS AND TO CONSIDER WHAT FURTHER STEPS THE GOVERNMENT SHOULD TAKE, INCLUDING PROPOSALS ON VENTURE CAPITAL. I LOOK FORWARD TO THE RESULTS OF THIS REVIEW IN THE AUTUMN.

THIRD, SO THAT MORE WILL BECOME BUSINESSMEN AND WOMEN, BRITAINS NEW ENTERPRISE ECONOMY IS INTRODUCING A SPECIAL ENTERPRISE MANAGEMENT INCENTIVE SCHEME TO REWARD THE REAL RISK TAKERS.

BRITAIN NEEDS TO CREATE THE NEW HIGH TECH COMPANIES, THE MICROSOFTS AND NETSCAPES OF TOMORROW.

SO TO MOTIVATE, RECRUIT AND REWARD BRITAIN'S REAL RISK TAKERS, THE INNOVATORS CREATING WEALTH AND JOBS IN BRITAIN TODAY, WE HAVE CREATED A TARGETED TAX CUT FOR BRITAIN'S RISK TAKERS - THOSE MANAGERS WHO ARE PREPARED TO MOVE FROM SAFE, SECURE JOBS TO RISK THEIR TIME, EFFORT AND SAVINGS TO CREATE WEALTH FOR OUR COUNTRY. FROM NEXT YEAR, GROWING ENTERPRISES WILL BE ABLE TO OFFER THEIR KEY PERSONNEL TAX-ADVANTAGED OPTIONS OVER SHARES UP TO £100,000.

FOURTH, INNOVATION IS THE KEY TO THE SUCCESS OF A NEW ENTERPRISE ECONOMY OPEN TO ALL THE TALENTS. SO BRITAIN'S NEW ENTERPRISE ECONOMY WILL HAVE A TAX CUT FOR INNOVATION AND R&D THAT WILL BECOME ONE OF THE BEST INCENTIVES FOR INNOVATION ANYWHERE IN THE INDUSTRIALISED WORLD.

THE NEW R AND D TAX CREDIT GIVES EVEN THE NEWEST AND SMALLEST BUSINESS, EVEN BEFORE THEY MAKE THEIR FIRST PROFITS, CASH HELP TO RESEARCH AND DEVELOP THEIR INNOVATIONS. AT A COST OF £150 MILLION, THIS TARGETED TAX CUT ENSURES THAT ALMOST ONE THIRD OF SMALL BUSINESS RESEARCH AND DEVELOPMENT COSTS WILL BE UNDERWRITTEN BY GOVERNMENT.

BUT WE NEED TO DO EVEN MORE TO TURN SCIENTIFIC INVENTIONS IN BRITAIN INTO JOBS FOR BRITAIN BY HONOURING THE SPIRIT OF INVENTION, FACILITATING THE EXPLOITATION OF INVENTION AND ENCOURAGING THE COMMERCIALISATION OF INVENTION. THE SEEDBED IS BASIC SCIENCE SO WE ARE INVESTING AN EXTRA £1.4 BILLION IN BASIC SCIENTIFIC RESEARCH.

OUR UNIVERSITY CHALLENGE FUND IS DESIGNED TO PROVIDE SEEDCORN FINANCE TO COMMERCIALISE INVENTIONS.

AND TO DEVELOP BUSINESS EXPERTISE IN SCIENCE AND TO TRANSFER TECHNOLOGY FROM THE SCIENCE LAB TO THE MARKETPLACE, THE GOVERNMENT IS CREATING NEW INSTITUTES OF ENTERPRISE. AND I WANT TO OFFER UNIVERSITIES THE OPPORTUNITY TO BUILD TRANS-ATLANTIC AND TRANS-EUROPEAN ALLIANCES TO ENCOURAGE ENTERPRISE, INNOVATION AND MANAGEMENT. AND WE ARE PUTTING IN PLACE MEASURES TO ENCOURAGE INVESTMENT IN EARLY STAGE, HIGH TECHNOLOGY COMPANIES, THROUGH A NEW VENTURE CAPITAL CHALLENGE RUN JOINTLY WITH THE PRIVATE SECTOR WITH £20 MILLION OF PUMP-PRIMING FROM GOVERNMENT; AND WILL BE INTRODUCING INCENTIVES TO PROMOTE CORPORATE VENTURING.

AND NEXT WE WANT TO HELP PEOPLE WITH ENTERPRISE AND AMBITION WORK THEIR WAY UP, AND HERE WE ARE LEARNING A GREAT DEAL FROM THE USA. FROM YOUR WELFARE TO WORK PROGRAMME, AND YOUR COMMUNITY COLLEGES, RAISING THE ROOF ON AMBITION IN OUR COUNTRY - SO AS THE CENTURY ENDS WE LEAVE BEHIND THE OLD BRITISH CONFLICTS BETWEEN A LEFT THAT UNDERVALUED ENTERPRISE AND A RIGHT THAT UNDERVALUED FAIRNESS.

TO GET PEOPLE INTO WORK, WE WILL EXPAND A NEW DEAL WHICH HAS ALREADY BROUGHT IN 350,000 MEN AND WOMEN; TO MAKE WORK PAY MORE THAN BENEFITS AN IN-WORK EARNED TAX CREDIT, TO PUT LEARNING OPPORTUNITY DIRECTLY IN EMPLOYEES HANDS, INDIVIDUAL LEARNING ACCOUNTS, AND OUR THE UNIVERSITY FOR INDUSTRY.

AND, SO THAT MORE BRITISH EMPLOYEES WILL BE ABLE TO WORK THEIR WAY UP, BRITAIN'S NEW ENTERPRISE ECONOMY IS LINKING EFFORT TO REWARD BY NEW INCENTIVES TO EXPAND SHARE OWNERSHIP IN WHAT WILL BE THE BIGGEST SET OF EMPLOYEE SHARE OWNERSHIP INCENTIVES WE HAVE EVER HAD. EMPLOYEES WILL BE ABLE, FOR THE FIRST TIME, TO BUY SHARES IN THEIR OWN COMPANIES FROM THEIR PRE-TAX INCOME. EVERY EMPLOYER WILL BE ABLE TO MATCH, TAX-FREE, WHAT EACH EMPLOYEE BUYS. THE ONLY CONDITION, THAT THE SCHEME MUST BE OFFERED ACROSS THE COMPANY'S ENTIRE WORKFORCE.

FINALLY , WE NEED A NATIONAL EFFORT TO MEET OUR BIGGEST ECONOMIC CHALLENGE OF ALL - MASTERING THE NEW INFORMATION TECHNOLOGIES - AND MAXIMISING THE POTENTIAL OF COMPUTERS, THE INTERNET AND ELECTRONIC COMMERCE

WHILE AT PRESENT BRITAIN LAGS BEHIND AMERICA THE GOVERNMENT BELIEVES THAT BRITAIN CAN USE ITS LONG RECORD ON INNOVATION AND ITS PUBLIC SECTOR STRENGTHS TO CATCH UP AND - WITH JUDICIOUS INVESTMENT - PUT BRITAIN AT THE FOREFRONT OF THE NEW INFORMATION TECHNOLOGIES.

OUR AIM IS A SINGLE ELECTRONIC GATEWAY FOR THE PUBLIC AND BUSINESS TO DEAL WITH GOVERNMENT - REMOVING THE BARRIERS TO THE GROWTH OF E COMMERCE, FACILITATING TRADE IN E-COMMERCE .

WE HAVE JUST LAUNCHED "COMPUTERS FOR ALL", A 1.7 BILLION POUND PROGRAMME THAT WILL ENABLE SMALL BUSINESSES, INDIVIDUAL, FAMILIES, SCHOOLS AND LIBRARIES TO USE COMPUTERS, MODEMS AND RELATED EQUIPMENT - AND WILL CREATE A NATIONAL NETWORK OF 1,000 COMPUTER LEARNING CENTRES IN THESE SCHOOLS, COLLEGES, LIBRARIES, INTERNET CAFES AND ON THE HIGH STREET.

OUR PLAN IS THAT BY 2002, ALL SCHOOLS WILL BE CONNECTED TO THE INTERNET, MOST IF NOT ALL TEACHERS COMPUTER-TRAINED.

BRITAIN HAS ONLY HALF THE US PROPORTION OF INTERNET USERS. SO WE ARE MAKING A SPECIAL DRIVE - ENCOURAGING EMPLOYERS TO LOAN COMPUTERS TO EMPLOYEES BY MAKING IT A TAX FREE BENEFIT AND ENCOURAGING ADULTS TO GAIN COMPUTER SKILLS WITH DISCOUNTS OF UP TO 80% ON COMPUTER LEARNING COURSES.

ALL MEASURES WITH ONE PURPOSE ONLY, THAT THE WHOLE OF BRITAIN IS EQUIPPED FOR THE NEW INFORMATION AGE.

CONCLUSION

CHURCHILL SAID THAT THOSE WHO BUILD THE PRESENT ONLY IN THE IMAGE OF THE PAST WILL MISS OUT ENTIRELY ON THE CHALLENGES OF THE FUTURE.

I BELIEVE THAT OUR TWO COUNTRIES, LEARNING FROM EACH OTHER, CAN MEET THE GREAT CHALLENGES OF CHANGE. NOT BY PROTECTIONISM, BUT BY OPENNESS AND INTERNATIONALISM, NOT PROTECTIONISM. NOT BY RESISTING CHANGE BUT BY EQUIPPING PEOPLE TO COPE WITH CHANGE, NOT BY STANDING STILL BUT BY RADICAL ECONOMIC REFORM THAT BUILDS FROM A PLATFORM OF STABILITY AND OPENS UP INNOVATION COMPETITION ENTERPRISE AND OPPORTUNITY TO ALL, NEVER STANDING STILL, BUT FACING CHANGE AND MASTERING IT, WE CAN WITH CONFIDENCE FACE THE FUTURE, AND WE CAN DO IT BEST - AS THIS UNIQUE TRANSATLANTIC CONFERENCE TODAY SHOWS - BY WORKING TOGETHER.