And fifth, driving job creation by backing small business and enterprise with better infrastructure and lower jobs taxes.

Each part of this plan is already producing results.

The deficit we inherited was the biggest in our post war history – but already it’s down by a third.

Our economy is growing.

Just this week, the IMF upgraded its growth forecasts for Britain by more than any other G7 country and we have also seen the largest quarterly increase in employment since records began.

There are now more than 1.6 million new private sector jobs since early 2010 – and around 400, 000 more small businesses. We’ve cut taxes for over 25 million people, reformed welfare so that it pays to work and created more apprenticeships than at any time in our history.

And we’ve taken unprecedented steps to back enterprise; scrapping £ 1.2 billion of red tape – including pushing for the removal of the most problematic EU regulations and investing billions in our infrastructure - in roads, rail and what is set to become the best superfast broadband network in Europe.

Ernst and Young now say Britain is the best place in Europe for new entrepreneurs.

This has not come automatically; it is because we have chosen to build our long-term economic plan on Britain’s great strengths. We have chosen to play to our strengths as an open, trading economy, championing the vital EU trade deals with America, Canada and Asia that can add millions of jobs to our economies and billions of pounds to the value of our businesses.

Rather than trying to pull up the drawbridge and shut ourselves off from globalisation, we have chosen to embrace foreign investment.

We are proud of the Indian investment in Jaguar Land Rover, proud that Emirates invested in a new stadium for Arsenal and Etihad have invested in Manchester City.

And we are proud that in the first half of last year the UK became the world’s largest recipient of inward foreign direct investment.

We have made choices. Difficult choices.

In a time of austerity we have chosen to maintain our spending on science and innovation.

And we have chosen to cut business taxes.

Corporation tax will soon be as low as 20%, the lowest in the G7 and as low as 10% for companies that turn innovation into manufacturing.

This is the country that is so committed to cutting burdens on business, that no government Minister – not even me as Prime Minister – can propose a new regulation that affects business without getting rid of 2 others in return.

This is Britain. Open, pioneering, creative, innovative – and ready for your investment.

Britain also has the chance to become something else.

Let me explain.

In recent years there has been a practice of offshoring where companies move production facilities to low cost countries. We’ve all seen it. We all know it’s true. And it will continue.

But there is now an opportunity for the reverse: there is now an opportunity for some of those jobs to come back.

A recent survey of small and medium sized businesses found that more than 1 in 10 has brought back to Britain some production in the past year. More than double the proportion sending production in the opposite direction.

From food processing to fashion, from cars to computer-makers. It’s not just one sector; it’s across all sectors of the economy.

The food manufacturer Symingtons is moving its factory from China to Leeds.

Hornby the model train manufacturer is bringing some of its manufacturing from India to Britain.

Raspberry Pi computers have shipped production to Wales.

A company I visited yesterday morning – Vent-Axia – has shipped jobs from China to Crawley.

Jaeger, the fashion brand, stopped manufacturing in the UK 15 years ago but is now bringing as much as 10 per cent back to Britain. Take cars. Britain now exports more cars than it imports and based on this success, the automotive industry has indicated it could yet return £ 3 billion of supply contracts.

But we are not just seeing these trends and opportunities in Britain.

A survey of major US-based manufacturing companies found that more than a third were planning or actively considering shifting production facilities from China to America.

While one recent forecast suggests millions of jobs could be available for re-shoring globally.

To win these jobs we need to understand what is driving these changes.

Part of the story is about rising costs in the emerging markets, a natural consequence of these economies developing and their people becoming wealthier.

Senior pay in China now matches or exceeds pay in America and Europe while rising oil prices and complex supply chains are increasing transport costs too.

At the same time, there are a number of factors pulling companies back home.

Some companies are choosing to locate production nearer to their consumer markets in the West.

By shortening their supply chains, they can develop new products and react more quickly to changing consumer demand. More customisation. More personalization. Better and faster customer service.

For example, you’re inspired by a new trend on the London catwalk and want to make a new product available in days not weeks. A shorter supply chain will help.

So will new technologies like 3-D printing – where you can personalise a design and print in hours rather than choose from a more limited range of pre-designed goods and ship in weeks.

There is no doubt that when it comes to re-shoring in the US, one of the most important factors has been the development of shale gas, which is flooring US energy prices with billions of dollars of energy cost savings predicted over the next decade.

Taken together, I believe these trends have the ability to be a fresh driver of growth in Europe too.

I want Britain to seize these opportunities.

I think there is a chance for Britain to become the “Re-Shore Nation”.

For years we have had UKTI out there helping our businesses to export and encouraging inward investment.

Now I want to give that same dedicated specific support to helping businesses re-shore.

So we are setting up a one stop shop to help businesses capitalise on the opportunities of re-shoring.

Much as Britain can be the “Re-shore nation”, so Europe can benefit from this too.

But only if we act now to make re-shoring as attractive as possible.

As much as there is an opportunity, we have to be careful not to misrepresent it.

So, let me be clear on 3 things I’m not saying.

First, I’m not saying there is a finite number of jobs in the world and that our success depends on some kind of tug of war to win them back at the expense of the East.