Cameron to tell Yorkshire audience of his strategy for 'transforming' UK's economy

He will return to one of the General Election's key battlegrounds – where the Tories won a string of marginal seats that helped him into Downing Street – to outline the Government's strategy to "transform" the economy.

The Prime Minister will warn that the economy was "heading in the wrong direction" for years under Labour, becoming too "hitched to a few industries" in the south east at the expense of manufacturing. He will also argue that the economy has become over-reliant on welfare, too dependent on the public sector and "increasingly hostile to enterprise".

"And, of course, as a country we have become indebted on an unprecedented scale," he will add. "Our huge public debt is the clearest manifestation of our economic mistakes – the glaring warning sign overhead telling us we have taken the wrong route.

"We have been sleepwalking our way to an economy that is unsustainable, unstable, unfair and, frankly, uninspiring."

Mr Cameron, who made six visits to Yorkshire during the election campaign, will claim that Britain is at a turning point and will set out the coalition's plans to support private enterprise and reduce reliance on the public sector in order to tackle the 156bn budget deficit.

In the wake of Government announcements of 6.2bn of cuts this year – which have sparked concern about the impact on services in the region – and with tackling the deficit his top priority, he will proclaim to be "ambitious" for the future of the economy.

"Can we rebalance economic power across our regions, across different industries, so that more people have a stake in our success?" he will say.

"Can we end the inevitability of millions on long-term welfare and bring hope to those unemployed? Can we inject new life into the private sector, so that enterprise can drive not just our recovery but the rebuilding beyond it?

"Can we go from an economy built on debt and borrowing to one built on saving and investment? Can we reopen Britain for business?

"My answer is an unequivocal, emphatic yes."