The Prime Minister told the annual Congressional Republican Retreat in Philadelphia that the era of US and British interventionism is over:

“The rise of the Asian economies – China yes, but democratic allies like India too – is hugely welcome. Billions are being lifted out of poverty and new markets for our industries are opening up.

But these events – coming as they have at the same time as the financial crisis and its fall out, as well as a loss of confidence in the West following 9/11, and difficult military interventions in Iraq and Afghanistan – have led many to fear that, in this century, we will experience the eclipse of the West.

But there is nothing inevitable about that. Other countries may grow stronger. Big, populous countries may grow richer. And as they do so, they may start to embrace more fully our values of democracy and liberty.

But even if they do not, our interests will remain. Our values will endure. And the need to defend them and project them will be as important as ever.

So we – our two countries together – have a responsibility to lead. Because when others step up as we step back, it is bad for America, for Britain and the world.

It is in our interests – those of Britain and America together – to stand strong together to defend our values, our interests and the very ideas in which we believe.

This cannot mean a return to the failed policies of the past. The days of Britain and America intervening in sovereign countries in an attempt to remake the world in our own image are over. But nor can we afford to stand idly by when the threat is real and when it is in our own interests to intervene. We must be strong, smart and hard-headed. And we must demonstrate the resolve necessary to stand up for our interests.

And whether it is the security of Israel in the Middle East or the Baltic states in Eastern Europe, we must always stand up for our friends and allies in democratic countries that find themselves in tough neighbourhoods too.

We each have different political traditions. We will sometimes pursue different domestic policies. And there may be occasions on which we disagree. But the common values and interests that bring us together are hugely powerful.”