Prime Minister’s speech at the Lady Mayor's Banquet

Prime Minister's speech as delivered at the Lady Mayors' Banquet this evening.

Thank you. Before I start…

Let me just say, that in the long history of this place – 

In the eight centuries...

Since King John granted the City of London the right to appoint its own Mayor…

It is a real pleasure this evening...

To be the first Prime Minister to say: 

Lady Mayor…

Welcome to the role.

And – let me also congratulate the Bishop of London…

Who will soon become the first female Archbishop of Canterbury.

Proof that all traditions evolve.

So… My Lady Mayor,

My Late Lord Mayor,

Your Grace,

Honoured guests,

I'm delighted to be with you this evening.

And I am well aware – 

That set against the unique history of this place...

The office of Prime Minister, at a mere 300 years old...

Is a relatively new innovation.

But I know as well...

The importance of what we all share –

Pride in our history…

A fierce optimism about our future. 

A sense,

Not of nostalgia, but national purpose.

Not retreat, but renewal.

Not isolation in a dangerous world… but leadership.

In these times of profound instability, conflict and change…

That's what I want to talk about this evening:

How we use our international work…

To navigate these times –

To lead and secure our national interests.

And My Lady Mayor,

I am clear that no transformation today carries greater consequence…

Than the rise of China.

It is a nation of immense scale, ambition and ingenuity –

A defining force in technology, in trade and global governance.

So our response will not be driven by fear,

Nor softened by illusion…

It will be grounded in strength, clarity and sober realism…

In line with our wider international approach…

And guided by our conviction…

That strong, purposeful engagement on the world stage…

Is the best way –

The only way in these times –

To deliver growth and security for the British people.

And My Lady Mayor,

That used to be the common view.

For decades there was a broad consensus about Britain's role in the world.

A consensus that transcended party politics...

And sometimes deep disagreements over specific issues.

We were of one mind...

That Britain should be outward looking… 

Engaged and active on the world stage…

A powerful voice at the top table. 

That was taken as a given – 

Part of who we are, in line with the greatest traditions of this country…

As British as fish and chips or the Guildhall itself.

But then… Brexit broke that consensus.

I want to speak very frankly.

The Brexit vote was a fair, democratic expression…

And I will always respect that.

But how it was sold and delivered was wrong.

Wild promises were made to the British people…

And not fulfilled.

We are still dealing with the consequences today...

In our economy,

And in trust – in the degradation of political debate. 

Now I raise this…

Not to rake up the past,

But to learn from it –

And to use it to inform what comes next. 

The idea that leaving the EU was the answer to all our cares and concerns…

Has clearly been proved wrong.

But that same spurious argument…

Is now being made about the European Convention on Human Rights… 

With the same wild promises being made to the country…

By the same people:

Walk away, and all our problems will be solved.

To consider Brexit a template for our future foreign policy…

Is utterly reckless.

Yes the ideology lives on.

It is an attitude of total impunity that says:

Insult our neighbours. 

Sever our alliances.

Choose between the EU and the US.

Sever links with China.

Some even argue that we should leave NATO.

Let me be really clear about that. 

At this moment, when war has returned to Europe…

Leaving the most successful military alliance in history would be catastrophic.

Even to contemplate it…

Is a sign of deep unseriousness in gravely serious times.

But that's where this corrosive, inward-looking attitude leads.

It offers grievance rather than hope… 

A declinist vision of a lesser Britain – not a Great Britain.

Moreover, it is a fatal misreading of the moment...

Ducking the fundamental challenge posed by a chaotic world...

A world which is more dangerous and unstable than at any point for a generation.

Where international events reach directly into our lives –

Whether we like it or not. 

My Lady Mayor,

In these times, we would not take control by turning inward,

We would surrender it.

So, instead, I believe we must rise to the moment.

And we must do so with renewed strength and purpose… 

True to our national story…

And true to the internationalist heritage of the political tradition that I represent.

That's why…

When we came into government last year,

We delivered the biggest shift in British foreign policy since Brexit.

A decisive move to face outward again.

To rebuild our power, both hard and soft – 

Which had been so damaged and neglected.

To reassert our national interest on the world stage…

And deliver jobs, growth and security for the British people.

We are doing this…

Not by turning back the clock to the old ways... 

But by radically changing our approach to meet the new reality...

A new internationalism –

Which adapts to a world where there is fiercer competition…

a more transactional approach to pretty well everything...

From trade, tech, and raw materials…

To migration and security. 

An internationalism that recognises the critical importance of defence…  

And recognises that this is an age…

Where we cannot look only to international institutions to uphold our values and interests.

We must do it ourselves – through deals and alliances.

And that is exactly what we have done.

So, My Lady Mayor,

Here is the proof of concept.

Over the last year and a half…

We have made Britain a trusted partner again –

Delivering real results for the British people.

Just today we have struck…

A landmark pharmaceuticals deal with the US...

Securing medical supplies for tens of thousands of NHS patients…

And boosting British industry.

This deal makes Britain the only country in the world…

With zero tariffs on the branded medicines that we send to America.

It builds on the groundbreaking Economic and Tech deals we've already struck with the United States

And it builds on President Trump's state visit…

Which brought in £150 billon of US investment –

That's a new record…

Creating more than 7,600 jobs across every part of the country.

We have also redefined our bond with the EU –

Building a new partnership that benefits both sides…

Sticking to our red lines…

While supporting British businesses, making food cheaper, and slashing red tape.

We've struck a historic trade deal with India…

And in October I led the biggest British trade delegation to that country ever –

Including some of you here in the room this evening. 

But it doesn't stop there.

We have also joined the huge trans-Pacific free trade area…

Signed an Industrial Strategy Partnership with France,

Our first ever bilateral treaty with Germany,

And a civil nuclear deal with Czechia.

We've won fierce competitions…

For multi-billion pound contracts…

With Indonesia the other week, supporting 1,000 shipbuilding jobs…

With Norway to build new Frigates, supporting 4,000 jobs…

And with Türkiye for Typhoon jets, securing 20,000 jobs.

All while securing unprecedented deals on illegal migration…

Strengthening European security…

Building the Coalition of the Willing…

And signing our unique 100-year partnership with Ukraine.

All making the British people safer and better off…

For the long term.

And, My Lady Mayor…

We deliver these results –

Not despite our values –

But because of them.

Democracy, freedom, the rule of law…

The right to a fair chance –

The right to enjoy our lives in stability and peace.

This irreducible core makes us stronger and guides our hand.

So we continue to assert those values –

Whether we are dealing with likeminded nations,

Or those that follow a different path.

Because look…

We are clear-eyed about the geopolitical reality that is taking shape before us,

And which will define the rest of this century.

There are three global giants today –

The US, the EU and China – all interacting with each other. 

And ultimately, our future will be determined by how we navigate this dynamic.

That is why the approach we're taking is so important –

Building these incredible bonds with the US and the EU.

But – as I said at the outset –

We must also address the third of these giants.

For years the narrative ran that China was the coming power.

Well now it has arrived.

And the UK needs a China policy that recognises this reality.

But instead , for years we have blown hot and cold. 

We had the golden age of relations under David Cameron and George Osborne …

Which then flipped to an Ice Age, that some still advocate.

The result is that,

Whilst our allies have developed a more sophisticated approach...

The UK has become an outlier.

President Trump met President Xi in October…

And will visit China in April.

Since early 2018…

President Macron has visited China twice –

And he'll be again there later this week. 

German leaders have visited four times…

And Chancellor Merz will be there in the New Year.

Yet, during this same period…

No British Prime Minister has visited China.

And until I met President Xi last November,

There had been no leader-level meeting at all for six years.

I'm talking here about the second biggest economy in the world –

A nation that accounts for over a quarter of global R&D…

And leads in some critical technologies that are key.

With Hong Kong, it is our third largest trading partner... 

Supporting around 370,000 British jobs.

And, My Lady Mayor,

I'm also talking about a country that is projecting its power.

A permanent member of the UN Security Council…

And one of the world's most powerful militaries...

That is rapidly growing its nuclear stockpile.

And yes,

A country that poses real national security threats to the United Kingdom.

With all that in mind –

The absence of engagement is just staggering –

A dereliction of duty –

Because it means that, unlike our allies…

We have not been standing up for our interests.

Well, no more.

It's time for a serious approach –

To reject the simplistic binary choice...

Neither golden age, nor ice age…

And recognise the plain fact that you can work and trade with a country…

While still protecting yourself.

In fact, we protect ourselves better because we engage.

The British people instinctively understand this.

They know we have to deal with the world as it is –

And build smart, agile relationships with everyone…

Where it's clearly in our interests to do so.

And let me be absolutely clear, 

This is not a question of balancing economic and security considerations.

We don't trade off security in one area, for a bit more economic access somewhere else.

No. Protecting our security is non-negotiable.

Our first duty.

But by taking tough steps to keep us secure,

We enable ourselves to cooperate in other areas.

And in recent days we have taken further such steps –

Bringing forward a tough package of measures…

To defend our country and our democracy…

By disrupting and deterring threats from China and other state actors.

Giving our security services the updated powers and tools they need…

To tackle foreign espionage activity wherever they find it…

And tackle malicious cyber activity too.

Meanwhile,

We continue to call China out for their support of Russia in Ukraine…

Sanctioning those Chinese oil and gas operators that support Russia's military industrial complex.   

And we continue to raise our concerns about human rights, 

The prosecution of Jimmy Lai, a British National,

The sanctioning of British MPs,

Threats to British academic freedom,

And the curtailment of freedom in Hong Kong – against the binding Joint Declaration.

Nothing will ever change our values…

Or our readiness to stand up for them.

But given the scale and significance of China…

Dealing with them on vital issues, like global security –

Is not a choice, but a necessity.

We must discuss strategic challenges…

Like stability in the South China Sea and the Taiwan Strait…

Nuclear proliferation… 

And the use of AI in weapons systems.

We must also engage on issues like climate change and global health...

Where China has to be part of the solution.

Because –

As every other allied nation will attest –

Engagement is how we uphold our national interests…

How we prevent miscalculation…  

And how we pursue our economic interests too. 

My Lady Mayor,

This room knows very well –

The scale of the opportunity in China is immense.

Our task is to help British businesses win their share of that opportunity –

In a way that is safe for our country.

And I know that after the chopping and changing from previous governments…

Businesses need predictability for the long term...

They deserve predictability…

So that's what we are delivering – 

A clear approach for business.

Let me set this out.

To start with, we're absolutely clear – 

That when it comes, for example…

To defence, AI or our critical national infrastructure…

We will always protect our security and our economic interests.

But we're also clear,

That in areas where there is no significant risk…

Instead of assuming you shouldn't do business with China –

Because it's just too difficult…

Or because the government will make it too burdensome or unpredictable,

From now on…

We are going to give businesses the confidence, clarity and support that they need to win these opportunities –

With all the necessary mitigations in place.

And we've already started this work.

The Chancellor and the Trade Secretary visited China this year.

The Investment Minister is there right now.

And this re-engagement is already delivering billions in export wins and market access for British businesses.

So in areas like financial and professional services,

Creative industries,

Pharmaceuticals,

Luxury goods and more –

Great British success stories –

The export opportunities are huge…

And we will back you to seize them.

That is our approach.

Pro-business, pro-growth, pro-security,

And pro-Britain.

My Lady Mayor –

This is the new, purposeful internationalism I am talking about –

Facing out to the world…

Standing up for our interests…

Delivering for our country…

And changing people's lives.

Because, look –

If I'm attending an international summit –

Or meeting a foreign leader…

You can rest assured the British people are there with me –

Always in my mind's eye...

My driving purpose…

In every decision I take and every deal I strike.

Because I know how much it matters.

I was there at Jaguar Land Rover in Solihull…

The day I struck that deal with President Trump to cut tariffs.

And I saw what it meant –

Not just to the workers on the factory floor –

But to their families,

To the whole community.

Just a couple of weeks ago, I was up at the BAE plant in Warton, Lancashire –

And I met a young lad called Jack. 

He works there as an apprentice – proud to be following in his dad's footsteps.

And Jack told me…

That the deal we'd just done on that Typhoon contract…

Wouldn't just secure his job –

But his dad's job too –

And that of the whole workforce.

It's moments like that –

Where you can see that someone's future has just opened up before them –

That's what my politics is about.

That's what my foreign policy is about –

Going out there, fighting for the British people.

So My Lady Mayor,

To put it simply…

In these dangerous, volatile, competitive times…

We deliver for Britain by engaging with purpose and pride…

Not by shrinking back.

In these times…

We deliver for Britain by being strong on the world stage.

Not by vacating it.

My Lady Mayor,

In these times,

Internationalism is patriotism.

Thank you very much.