Prime Minister's speech at the Lord Mayor's Banquet

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Full transcript of the Prime Minister's speech which he will deliver at the Lord Mayor's Banquet (Monday 2 December)

My Lord Mayor, My Late Lord Mayor, Honoured guests. A few weeks ago I stood in this very hall. To urge international businesses to back Britain. And I'm pleased to say – they responded.

They delivered a record-breaking £63 billion of new investments in our country. So I'd like to start by saying to all of you: Thank you for helping to make that happen. It shows the vital role you play.

It shows that our work to put the economy on a sound footing is paying off. And it shows yet again why our global relationships matter so much to this country. 

My Lord Mayor, the tradition on this occasion is to speak on the subject of international affairs.

Which is good because, frankly there is a lot to talk about. Like never before in our lifetimes, global problems have become local. Geopolitics is on our doorstep, shaping our lives in ways nobody asked for. Conflicts overseas undermine our security, stir up violence and extremism on our streets and drive up the cost of living.

Meanwhile climate change hits economic growth, leaves us exposed to catastrophic flooding and both of these forces drive unsustainable levels of migration. It all manifests in a feeling among many that the system isn't working for them. That it's time to take back control of our lives, our borders, our livelihoods.

I hear that. People want action – and they want change. So we will not dismiss those concerns. We will answer them. We will do it by acting at home, absolutely, and also by using our strength abroad. Because in this new era we need to do things differently.

There was a sense in the years of the Great Moderation that while there would always be conflicts, democratic values were in the ascendency. And the disruptive nature of foreign policy – the real nature of foreign policy could be contained, or at least managed.

Well, from that twilight of naivety we have emerged now into the harsh light of day. Determined to fight harder on the world stage for our national interests and ready to dig deeper to defend them.

I think of the Attlee government in 1945. Their ambition for the people of this country was unmatched. They were determined to win the peace, to create the NHS, build homes, national parks, a country fit for heroes.

And in doing so – they knew they also needed to look out the world. That's why they created NATO – the greatest alliance in history. Tempered by the times they had lived through. They were hard-headed and patriotic.

And they saw that maintaining our strength abroad gave us the foundation to succeed at home. That is as true today as it was then.

So I want to be clear at the outset. Against the backdrop of these dangerous times. The idea that we must choose between our allies. That somehow we're with either America or Europe. Is plain wrong. I reject it utterly. Attlee did not choose between allies. Churchill did not choose. The national interest demands that we work with both. 

Our relationship with the United States has been the cornerstone of our security and our prosperity for over a century. We will never turn away from that. We call it the special relationship for a reason. It is written not in some dry, dusty treaty, but in the ink of shared sacrifice. In memorials in villages, towns and cities up and down the country. In Normandy, Flanders and around the world. Right here in the Guildhall are etched the names of 112 killed in the First World War, 55 in the Second – fighting alongside the US. Like we still do today – for the same causes.

This is not about sentimentality. It is about hard-headed realism. Time and again the best hope for the world and the surest way to serve our mutual national interest has come from our two nations working together. It still does. The fabric of our nations has been woven together so that our prosperity today – our leadership in tech, AI and more – are intertwined.

And our security is even more closely intertwined at every level of our military, intelligence, industry, and R&D. That's why, when President Trump graciously hosted me for dinner in Trump Tower, I told him that we will invest more deeply than ever in this transatlantic bond with our American friends in the years to come.

And we will rebuild our ties with Europe too. Because – I'm sorry to say the shocking legacy this government inherited in so many areas – from the nation's finances to the state of the NHS extends beyond our shores.

They turned their back on the world. Took vital relationships for granted. Neglected some allies – and spurned others. Our reputation as a trusted, stable, dependable partner was replaced too often with an image of disarray governed by short term political concerns, veering from one extreme to another. On tackling climate change, or relations with China or even in our commitment to fundamental values like the rule of Law. Demonising international courts which this country helped to create as “foreign.” None of this was aimed at seriously trying to solve the problems we face. And added together, it actively harmed the national interest.

In a more competitive and dangerous world, we can't take anything for granted. We need to work even harder at staying ahead. That's what the British people deserve – and it's what they expect of this government.

So we are focused on the real problems. Determined to rebuild and get back on the front foot. Not reactive – but strategic, using our foreign policy not in the service of politics or ideology – but putting it back into the service of the British people.

My Lord Mayor, there is still a huge amount of goodwill towards the UK around the world. People see our incredible strengths. They want to work with us. We've already made real progress towards renewing Britain's standing on the international stage. And we have been welcomed back with open arms. Partners are pleased to see us reconnecting. Confident, outward looking, responsible. Committed to longstanding values like stability, international law, the UN Charter and ready to lead.

We have an opportunity now to capitalise on this progress. To take back control by fixing the international foundations that underpin everything we do here at home. 

That starts with our first mission. The number one test of this government – economic growth. I spoke about the £63 billion of investment that was pledged in October. Numbers like that are almost too big to grasp but they translate into real change. New jobs in our communities. New port infrastructure in London and Lincolnshire. Clean power production in Teesside, Bristol, Suffolk and more. Developing new data centres across the UK and advancing new innovations in pharmaceuticals, battery technology and Artificial Intelligence. So when I talk about international investment – this is what I mean: better lives, more opportunities, more vibrant high streets. More chances for British people to enjoy life. And we are stronger when the economy is growing. We are stronger when we are cutting our dependence on volatile fossil fuel prices by building our clean energy infrastructure.

And we are stronger when we lead in critical frontier technologies. So we are determined to do all that. We have taken the difficult but vital steps in the budget and now we are creating a climate for growth to make the UK the best place to invest, the best country to trade with, the best place to create and grow a business. That's why we are looking outwards. Deepening trade with our allies. Restarting FTA talks with India. Building ties in the Gulf, the Pacific and beyond and claiming our place as a leader in some of great the industries of the future. And unlocking growth, investment – and pride – in our economy once again.

Second, My Lord Mayor, we must also strengthen our security as the bedrock on which the economy rests – and the ultimate guarantor of everything we hold dear. 

There is no greater responsibility for this government. You know – there are moments which shape our world view. As a young man, I remember watching the fall of the Berlin Wall and how it felt to witness a continent uniting behind freedom.

I remember too – all too clearly, walking the streets of Bucha, just outside Kyiv to bear witness to the true horror of Russia's invasion. I met people there who had to pick up the bodies of their friends, their family members, civilians killed – many of them handcuffed.

And let's be clear, the future of freedom in Europe is being decided today. We face a near and present danger with Russia as an erratic, increasingly desperate aggressor, on our continent marshalling all its resources - along with North Korean troops and Iranian missiles - aiming to kill and to conquer. 

So there's no question it's right we support Ukraine. But we must also be clear that it is deeply in our self-interest. I would encourage everyone here to stop and think for a moment about what it would mean to us, to our continent, to the world if Russia wins. What would it mean for our values – for democracy, commerce, and liberty?

It means they are weakened. It means that other autocrats would believe they can follow Putin's example. And it means that our own security, stability and prosperity – are damaged. The further Russian troops advance, the closer the threat becomes. The more land they control, the more they control grain prices and energy sources, and the more confident Putin becomes.  

So we must continue to back Ukraine and do what it takes to support their self-defence for as long as it takes. To put Ukraine in the strongest possible position for negotiations so they can secure a just and lasting peace on their terms that guarantees their security, independence - and right to choose their own future.

And we will continue to strengthen our own armed forces. The finest there is. The budget provided almost £3 billion of additional resources for our defence. Cementing our position as a leading NATO ally.

And we will set out a clear pathway to increase spending from 2.3% of GDP today to 2.5%.

And it is vital that all European nations step up to protect our shared future. We will set out in our Strategic Defence Review how we are going to modernise our Armed Forces to make us more secure at home and strong abroad. And we will maximise our investment by working with others, like our partnership with Italy and Japan to build the next generation of fighter planes.

Because, my Lord Mayor, all of this rests on the strength of our bonds with others. This is my third point. There is no growth without security – and no security without alliances. So to fix the foundations we must meet this more dangerous age with an age of deeper alliances. Even closer ties with the US. An unshakeable commitment to NATO. And renewed relations with our neighbours in Europe – relations which on any objective assessment are vital for our growth and security. 

So we have already made progress on our reset, arranging regular UK-EU Summits at leader level and a shared ambition to work more closely where necessary, including through a new security pact covering foreign affairs and defence.

This is about looking forward, not back. There will be no return to freedom of movement, no return to the customs union and no return to the single market. Instead we will find practical, agile ways to cooperate which serve the national interest.

We have already struck a landmark defence agreement with Germany – the Trinity House Agreement. And we are working to deepen our cooperation with France through the Lancaster House Treaties. This is a model which we will replicate with others. We will also take forward the Joint Expeditionary Force with our Baltic and Nordic allies as the tip of the NATO spear and our AUKUS alliance with the US and Australia to support stability in the Pacific.

And we'll continue to work with our partners to meet global challenges. Working closely with everyone from Italy to Iraq on migration because we know this collaboration works in bringing the criminal gangs to justice. 

We'll work to maintain the peace in Lebanon. End the conflict in Gaza, bring the hostages home and increase the flow of aid to those suffering so terribly – In Gaza and in other conflict zones, like Sudan. And in Syria, we call again on the regime and all actors to work towards a political solution to stop the fighting.

On climate change, we'll strengthen our leadership even further through new partnerships like the Global Clean Power Alliance that I launched at the G20. Because the consequences of these crises rebound on us at home. And in meeting these challenges we must be prepared to talk to a wider range of countries. It is remarkable that until I met President Xi last month there had been no face-to-face meeting between British and Chinese leaders for six years. 

We can't simply look the other way. We need to engage. To cooperate, compete and challenge on growth, on security concerns, on climate as well addressing our differences in a full and frank way on issues like Hong Kong, human rights, and sanctions on our parliamentarians. 

I am determined to do that and to keep talking. Because I believe we are stronger when we do.

My Lord Mayor. We have so much to be proud of in this country. When it comes to our role in the world today, I want to recapture that sense of pride. To stand tall once again. To meet people's concerns not with easy answers, which don't serve anyone but with leadership. To face up to the world as it is. Shape it in our interests and deliver more growth, greater security and stronger alliances.

I recall Philip Larkin's words about Her Late Majesty Queen Elizabeth as a “constant good” – a strong, still point in a changing world. 

Because I think it also reflects Britain and the nation's role today. To be a constant and responsible actor in turbulent times. To be the soundest ally and to be determined – always – in everything we do. Every exchange we have with other nations, every agreement we enter into to deliver for the British people and show – beyond doubt – that Britain is back.