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David Cameron will outline plans to transform the economy in his first major speech as prime minister.

Mr Cameron, who will speak at an event in Yorkshire, will claim the economy has been heading in the wrong direction under Labour for years.

He will also talk of rebalancing the economy in favour of manufacturing, business and the private sector.

The prime minister will stress the need to cut the £156bn deficit and get people back into work.

Mr Cameron is expected to say that his government intends to spread economic growth across regions and industries and end the "inevitability" of millions on long-term welfare.

It comes a day after Work and Pensions Secretary Ian Duncan Smith said Britain's welfare system is "trapping" poor people in poverty as he unveiled the governments Welfare Reform Bill. -bbc

Same old, same old...