Sounds like Cameron thinks the UK has moved far enough along the US Emulation Curve that he can play his hand, namely 1) sufficiently destabilizing, disenfranchising, and marginalizing the domestic labor force that employers can treat it any way they like and no longer need to import cheap labor, and 2) to the extent employers need cheaper labor than is available domestically, send production to China and buy the product back by gaming the currency in ways China can't.