David Cameron has promised British business lower taxes and a cut in red tape. In an effort to win over British industry - and his last chance to address such a large collective business audience before next year's elections - Cameron told delegates at the annual conference of the Confederation of British Industry that it would be business that will aid the country in creating jobs as it emerges from the recession, not government. 'We'll cut the small companies rate to 20p and the main rate of corporation tax to 25p - paid for by scrapping complex reliefs and allowances - and we want to go further,' Cameron said. 'And we will abolish all tax on the first 10 jobs new businesses create during the first two years of a Conservative government. So a Conservative government will be one that knows when to get out of your way,' he added. Nick Clegg earlier told the audience that his party was the most 'economically accomplished team in British politics' but failed to set out the vision for how Britain would go forward in the global economy. The prime minister, the first party leader to take the podium, made wide promises of massive injections into spending on infrastructure, with no sign of slowing down on spending despite the pressure to address public finances:'We are investing £20bn this year in transport, £1.1bn to electrify two major rail lines; a decision to go ahead with Heathrow's expansion, and over a number of years £16bn committed to Crossrail.' Brown also announced the British international investment conference, which he is set to host in London early next year ahead of the elections.