UK’s new govt sets out coalition agreement

British Prime Minister David Cameron on Wednesday gave his first news conference since the formation of a coalition government. He was accompanied by Nick Clegg, the deputy prime minister.

Following are key quotes from the news conference:

CAMERON ON FIXED-TERM PARLIAMENT:

"This is not an aspiration, this is going to be very early legislation. We want that fixed because we think that it make for good and strong and determined government that can act in the long term."

CLEGG ON PUBLIC FINANCES, ECONOMY:

"We need to rebuild not only the public finances but we also need to rebuild the British economy on new sustainable foundations out of the rubble of the old economy."

CAMERON ON CLEGG'S ROLE:

"Being the deputy prime minister he is going to be responsible for political reform. Many of the questions that have been raised about fixed-term parliaments, that will be his responsibility."

CAMERON ON COALITION VS MINORITY GOVT:

"I think we have taken the more difficult path but the far more worthwhile one."

CAMERON ON ECONOMIC INHERITANCE

"No government in modern times has ever been left with such a terrible economic inheritance. Today's unemployment figures are another sign of the human cost of the economic mistakes of the past decade."

CAMERON ON CHALLENGES

"We have shared agenda and a shared resolve to tackle the challenges our country faces, to safeguard our national security and support our troops abroad, to tackle the debt crisis, to repair our broken political system and to build a stronger society."

CAMERON ON NEW GOVT:

"It will be an administration united behind one key purpose and that is to give our country the strong and stable and determined leadership that we need for the long term."