It is vital that we get these policies right as we take forward our plans to drive down the deficit and transform our economy.

What Churchill described as the twin marauders of war and tyranny have been almost entirely banished from our continent. Today, hundreds of millions dwell in freedom, from the Baltic to the Adriatic, from the Western Approaches to the Aegean.

Taken as a whole, Europe's share of world output is projected to fall by almost a third in the next two decades. This is the competitiveness challenge - and much of our weakness in meeting it is self-inflicted. Complex rules restricting our labour markets are not some naturally occurring phenomenon.

What you call austerity is what I might call efficiency.

We have put our country on solid ground, but let me tell you: The next five years are much, much more important. The next five years are about turning the good news in our economy into a good life for you and your family.

We can't afford to waste time going slow on changing our party so now is not the time to put our foot on the brake. Now is the time to press on the accelerator.

I want the European Union to be a success. And I want a relationship between Britain and the EU that keeps us in it.