In a speech in Rotherham, the Deputy Prime Minister Nick Clegg is to set out "a new model for economic growth".

Speaking to Today presenter Evan Davis, Mr Clegg said much of the UK's economic success had been based on debt and a concentration of private growth in the south east.

The old model was, he argued, built on "easy money, easy credit... an economic strategy of growth based on the never-never".

"We have a very lopsided and unbalanced way of growing as a country... we can't simply put Humpty Dumpty together again".

Adding that the economy needed to be "rebalanced", Mr Clegg said that the state had a role in improving skills, building infrastructure and providing the right regulatory and tax framework.

"It's not an overnight job."

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