DAVID CAMERON Will Today [...]; David Cameron and Labour Leader Ed Miliband Will Today Lay out Their Contrasting Visions of Britain's Future Following the Spending Cuts as They Speak to the Confederation of British Industry's Annual Conference

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DAVID CAMERON will today promise to create a "new economic dynamism" in Britain to boost growth and replace the jobs lost as a result of the Government's spending cuts.

The Prime Minister will announce the creation of a pounds 200m network of technology innovation centres, linking university researchers with business.

At the same time, he will set out further details of the forthcoming national infrastructure plan aimed at levering in pounds 200bn of long-term investment from the public and private sectors.

After a week dominated by the Government's plans for the deepest spending cuts since the Second World War, the Prime Minister is expected to try to strike an upbeat note, offering new hope for the future.

With ministers banking on rapid private sector growth to replace the estimated pounds 490,000 public sector jobs expected to be lost, he will also seek directly to address the question: "Where are the jobs going to come from?" In answer, he will point to opportunities inherent in a world of "unprecedented economic change" in which small start-up companies can become global giants in a matter of years.

"Over the course of this Parliament - and the next - I believe we can transform our fortunes," he is expected to say.

"This is an incredible opportunity for Britain, for new start-ups to flourish, for innovations to drive growth and create jobs.

"To build that new dynamism in our economy we've got to back the big businesses of tomorrow, not just the big businesses of today. "That means opening up access to finance, creating an attractive environment for venture capital funding, getting banks lending to small businesses again."

Mr Cameron will say that the new technology and innovation centres - based on a model by James Dyson - will help convert innovation into commercial success by bringing universities and business together.

He will also highlight the need to boost competitiveness, with the merger of the Office of Fair Trading and the Competition Commission in and a "more streamlined" competition regime.

"Some industries are too uncompetitive.

We're going to challenge the status quo," he is expected to say.

LABOUR leader Ed Miliband will issue a warning that Britain risks "sleepwalking" into a repeat of the mistakes which led to the recession, unless there are profound changes to the way the economy is managed. …