David Cameron and Nick Clegg’s joint foreword to the Mid-Term Review

Two and a half years ago, our parties came together in the national interest and formed a coalition at a time of real economic danger. The deficit was spiralling out of control, confidence was plummeting, and the world was looking to Britain with growing anxiety about our ability to service our debts.

This Government’s most urgent job was to restore stability in our public finances and confidence in the British economy. In just two years we have cut the deficit by a quarter and have set out a credible path towards our goal to balance the current budget over the economic cycle.

Dealing with the deficit may have been our first task, but our most important task is to build a stronger, more balanced economy capable of delivering lasting growth and widely shared prosperity. In essence, this involves two things: growing the private sector, and reforming the public sector so that what the Government does – and the money it spends – boosts, rather than undermines, Britain’s competitiveness.