The Prime Minister, Tony Blair, has told Japanese businessmen that he is to launch a full frontal attack on modernising the British economy, making it a safe bet for inward investment.

Mr Blair promises to go "the Full Monty" (Dur 58")

Mr Blair told a meeting of Japanese businessmen and politicians that he intends "to go the Full Monty" in modernising the economy.

Hiroshi Okuda announced 310 new jobs on Deeside

The Prime Minister explained the phrase was an expression of absolute determination, and that he hoped Japan would soon have a chance to see the hit British film.

"The uncertainty, introspection and half-heartedness of the last few years have gone. We are building a modern, dynamic, outward-looking Britain for the 21st century," he said.

Mr Blair explains his plans to reform the British economy (Dur 2'08")

"Have no doubt: this Government will not be deflected by short-term considerations. We will take difficult decisions. When it comes to putting our economy on a secure footing for the long term, we intend to go the Full Monty," said Mr Blair.

However the Prime Minister admitted that his naked assault on Britain's economic decline would not be an overnight Oscar success: "Of course change takes time. It is hard sometimes when there is work in progress to see the finished product."

Mr Blair promised to build on the previous Government's reforms: "The 80s' were a time of change - more flexible labour markets, privatisation of basic industries. Those reforms will remain in place."

Mr Blair encourages more Japanese inward investment (Dur 2'38")

But he rued the "chronic instability in economic management and failure to address fundamental weaknesses in our skills education and welfare systems," and added: "Now...Britain is embarked on a new transformation, a second wave of reform."

Japanese businessmen and politicians listened intently

Mr Blair's is trying to hammer home the message that Britain is a "safe bet" for yet more inward investment, despite some far eastern fears about the UK's failure to join the first wave of the single currency.

Mr Blair explains Britain's attitude to Europe (Dur 2'58")

The Prime Minister, who is also representing Europe in his role as EU President, stressed that Britain would adopt a "positive, constructive approach to Europe," which would not prevent it being a "gateway" to investment in Europe for Japan.

As well as touting for more inward investment, Mr Blair is also trying to sell British Culture to Japan. He is launching Festival UK '98, a celebration of British Culture which includes 50 arts exhibitions and will promote 17 British films.

After his speech, Mr Blair's official spokesman said he didn't know whether the Prime Minister had watched "The Full Monty", though he had been sent a copy.

Mr Blair expresses his confidence in the far eastern economies. (Dur 1'49")

 

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