Reuters - Video

EDITION: U.S. | U.K. | IN

Business

Davos 2014: Cameron, UK can be 're-shore nation'

Friday, Jan 24, 2014 - 01:58

Jan. 24 - UK Prime Minister, David Cameron, uses a speech at Davos to say Britain and the West have an opportunity to boost their economic fortunes by luring jobs and factories back from abroad. His words came just a day after the Bank of England governor, Mark Carney, reassured investors by suggesting there was no immediate need for the UK to raise interest rates. Hayley Platt reports.

▲ Hide Transcript

View Transcript

Britain's open for business. And wants companies who have 'off-shored' their business to Asia and elsewhere - to come home to help boost Britain's economy. That was the message from David Cameron at this year's World Economic Forum in Davos. SOUNDBITE: David Cameron, UK Prime Minister, saying (English): "For years the West has been written off. People say that we are facing some sort of inevitable decline.'' The Prime Minister is hoping cheap energy from shale gas and less regulation would be just some of the incentives. SOUNDBITE: David Cameron, UK Prime Minister, saying (English): "There is now an opportunity for the reverse. There is an opportunity for some of those jobs to come back." The government says well-known companies including Raspberry Pi, Jaegar and Vent-axia have already returned to Britain. Now a new government-sponsored service called Reshore UK has been set-up to help firms which want to do the same. BCG's Mike Ingram says Britain is more attractive now. SOUNDBITE: Mike Ingram, BGC Partners, saying (English): "The things that businesses were concerned about, they were concerned about the macroeconomics economic environment. Now, certainly that has improved over the last 12 months in Britain. The other thing they were worried about was financing conditions; those have eased." The news that UK interest rates are likely to remain low should also help. The Bank of England governor, Mark Carney, appears to have ruled out an immediate hike even though unemployment has fallen to 7.1% - just a shade higher than the threshold at which he had indicated the BOE would consider a hike. Though that may leave Carney in a difficult spot over his forward guidance policy. SOUNDBITE: Mike Ingram, BGC Partners, saying (English): "If he moves the threshold to 6.5 percent unemployment rate, that's the rate the Bank of England thinks that the labour market becomes inflationary. Or he says this number doesn't really mean anything at all." Cameron is under pressure to prove that Britain's surprisingly strong economic recovery is sustainable. But he acknowledged there were still problems - and asked for patience from those who have yet to feel the benefits of the economic recovery.

Davos 2014: Cameron, UK can be 're-shore nation'

Friday, Jan 24, 2014 - 01:58

Top News »

Money »

Finding meaning in the S&P 500 2000 mark Finding meaning in the S&P 500 2000 mark

Mon, Aug 25, 2014 - (2:35)

S&P falls back from record high S&P falls back from record high

Fri, Aug 22, 2014 - (1:35)

S&P 500 closes at new high S&P 500 closes at new high

Thu, Aug 21, 2014 - (1:24)

S&P 500 just shy of record S&P 500 just shy of record

Wed, Aug 20, 2014 - (2:23)

Apple hits $100 a share Apple hits $100 a share

Tue, Aug 19, 2014 - (2:06)

Nasdaq closes at 14-year high Nasdaq closes at 14-year high

Mon, Aug 18, 2014 - (2:23)

Putin puts Wall Street in buying mood Putin puts Wall Street in buying mood

Thu, Aug 14, 2014 - (2:10)

We've become a promotional culture-RetailMeNot's Bodge We've become a promotional...

Thu, Aug 14, 2014 - (4:39)

Dow back to positive territory for year Dow back to positive territory for year

Wed, Aug 13, 2014 - (2:18)

The Exchange »

The Exchange: Hot commodity The Exchange: Hot commodity

Wed, Jul 16, 2014 - (9:25)

The Exchange: Constitutional crusade The Exchange: Constitutional crusade

Wed, Jun 25, 2014 - (11:35)

The Exchange: The value of money The Exchange: The value of money

Mon, Jun 02, 2014 - (9:53)

The Exchange: China’s Second Continent The Exchange: China’s Second Continent

Tue, May 27, 2014 - (9:35)

The Exchange: A master of business arts The Exchange: A master of business arts

Thu, May 08, 2014 - (8:24)

The Exchange: America's bankrupt cities The Exchange: America's bankrupt cities

Mon, May 05, 2014 - (8:52)

The Exchange: Let the rocking commence The Exchange: Let the rocking commence

Tue, Apr 08, 2014 - (8:13)

The Exchange: The Moneyball fallacies The Exchange: The Moneyball fallacies

Mon, Mar 24, 2014 - (9:54)

Is doing good a good business? Is doing good a good business?

Mon, Mar 17, 2014 - (7:38)

Reuters Investigates »

Re-homing victim: "I could have been dead" Re-homing victim: "I could have been dead"

Wed, Feb 19, 2014 - (8:24)

Cops and loggers in the Amazon rainforest Cops and loggers in the Amazon rainforest

Fri, Jan 10, 2014 - (4:01)

"Passed around like a dog" "Passed around like a dog"

Thu, Aug 29, 2013 - (6:32)

Adopted, then abandoned online Adopted, then abandoned online

Thu, Aug 29, 2013 - (13:21)

How the DEA keeps its secrets secret How the DEA keeps its secrets secret

Mon, Aug 05, 2013 - (1:36)

How education lost its role as the great equalizer - Reuters Investigates How education lost its role as the great...

Mon, Dec 17, 2012 - (7:52)

Jihad Jane: From abused child to American jihadist - Reuters Investigates Jihad Jane: From abused child to American...

Sat, Dec 08, 2012 - (10:01)

Jihad Jane: The order to kill - Reuters Investigates Jihad Jane: The order to kill - Reuters...

Sun, Dec 09, 2012 - (10:39)

Moving Pictures »

Mending dolls, teddies and hearts Mending dolls, teddies and hearts

Fri, Aug 22, 2014 - (3:12)

"Old timers" sail the Chesapeake Bay "Old timers" sail the Chesapeake Bay

Mon, Aug 11, 2014 - (2:27)

Burned memories Burned memories

Fri, Aug 08, 2014 - (3:02)

Images of July Images of July

Thu, Jul 31, 2014 - (1:20)

World Cup: passion on the pitch World Cup: passion on the pitch

Fri, Jul 11, 2014 - (1:00)

A refugee in America gives back A refugee in America gives back

Wed, Jul 02, 2014 - (3:25)

A long search for refuge A long search for refuge

Fri, Jun 20, 2014 - (3:04)

World Cup: Around the globe in 50 goals World Cup: Around the globe in 50 goals

Fri, Jun 06, 2014 - (1:08)

VIVID – Sydney’s spectacle of light VIVID – Sydney’s spectacle of light

Fri, May 30, 2014 - (1:37)