- David Cameron wants to build 'aspiration nation'
- Declares it UK's 'hour of reckoning'
- 'Hard work' and 'strong families' will aid recovery
- Labour 'has not learned a thing'
12:31 BST So, in all...
Plenty of attacks on Labour, who he accused of starting a "class war", staunch commitment for welfare cuts because the system is "unfair", no movement on spending as he reaffirms austerity policy, focus on education with more free schools to be created, a brand new soundbite in the form of "aspiration nation", though there were suprisingly few announcements to be made in the speech - no rabbits in the hat.
Thanks for following our live blog - stay tuned for the imminent write up.
12:26 BST "Let us here in this hall, here in this government, together in this country make this pledge: let's build an aspiration nation.
"Let's get Britain on the rise. Deficit, paid down. Tough decisions, taken. Growth, fired up. Aspiration, backed all the way. We know what it takes to win, to win in the tough world of today, to win for all our people, to win for Britain.
"So let's get out there and do it."
And so Cameron finishes to rapturous applause and a standing ovation.
12:24 BST Says this country "is unbeatable."
Lists achievements such as defeating Nazis, scientific advances such as world wide web and DNA deconstruction, making Queen jump out of a helicopter for a laugh at the Olympics.
12:21 BST "I'm not here to defend privilege, I'm here to spread it."
Moves on to personal story section of speech. Mentions his dad, a stockbroker from Berkshire and talks of the struggle he had. Was born with deformities in his legs and had trouble.
"But my dad was the eternal optimist and to him the glass was always half full, usually with something rather alcoholic in it."
Says his dad told him what made him most proud was working hard since he left school to support his family.
"Not a hard luck story, but a hard work story."
12:20 BST Criticises "toxic culture of low expectations" that has seen "children left behind". Wants more ambition and aspiration and education.
12:17 BST Says we've heard of pushy parents in education, "well we are a pushy government".
"When we have proposed free schools in some areas the left wing establishment has said no."
Blames local authorities and teaching unions for "standing in the way" of free schools and academies.
12:16 BST Must do more to better educate children says Cameron, rather than "bloating" the grades each year. Praising academies and free schools.
"These are states schools but are carrying all the expectations ... of private schools. These are independent schools - yes, independent schools - in the state sector."
12:15 BST "Work isn't slavery, it's poverty that is slavery and let us the modern compassionate Conservatives lead the fight against poverty in Britain today."
12:11 BST Cameron bemoaning £80bn yearly welfare bill and that more children live in workless households in UK than many other parts of Europe.
"Welfare isn't working, and this is a tragedy."
Says wants to tackle unfairness of person going to work to pay taxes so others can live in homes for free that they would never be able to afford.
Also talks of "injustice". Says working age, work-able will be made to seek and take work else lose benefits.
Will also remove automatic housing benefit for under-25s, who will have to live with parents until can afford to move out.
Talking of investing in helping people onto Work Programme to retrain and reskill those who have been out of work and can't get back in.
"No one is a write-off, no-one is hopeless," Cameron says.
12:10 BST Talking about home ownership and how the government is helping to offer 95 percent mortgages.
Need to build more housing.
12:07 BST "Don't let anyone tell us Britain can't make it in the world. we are the most enterprising, innovating, buccaneering nation in the world."
12:03 BST Attacking Miliband for saying top income tax cut is "handing a cheque" to the rich.
"Ed, let me explain something. When people earn money, it's their money. Not the government's. It is their money, they earned it."
12:02 BST "If we did what labour want and water down our plans, the risk is that the people we borrow money from would question their risk and our resolve to pay them back."
"Labour's plan to borrow more is actually a massive gamble with our economy and our future."
"We are here because we spent too much and because we borrowed too much. How on earth can the answer be more spending and more borrowing.
"I honestly think Labour haven't learnt a single thing."
11:56 BST "Our deficit reduction is not an alternative to a growth plan, it is the foundation to our growth plan."
"The damage was worse than we thought and the recovery is taking longer than we hoped."
"Yes it's worse than we thought, yes it's taking longer, but we are making progress."
Cut a quarter of deficit, claims this keeps interest rates low, mortgage rates down, creates more jobs.