On wider global matters, Mr Cameron says there's "no question" of the UK "abandoning Libya" in the face of the Islamic State threat. Britain, of course, was involved in removing Colonel Gaddafi from his position as Libyan leader.

A quick recap as the PM starts his Q&A. He told the audience: "If you are in work - you'll be better off. If you're out of work and want to - we'll back you. If you're out of work and refuse to - we will not keep supporting you. If you're genuinely sick or disabled - we will be there for you."

David Cameron finishes his speech, asking for five more years to finish the job. Now for questions.

Ross Hawkins
Political correspondent, BBC News

Tweets:, external Cameron says opposition to welfare reform based on myths. Tories genuinely v confident about this

Paul Waugh, PoliticsHome.com editor

Tweets, external: Has IDS got Cam to water down fatties-on-benefit plan? PM now says merely 'looking at' cuts for obese who refuse treatment

Mr Cameron says previously society was sending out the wrong messages to young people.

"You could leave school, sign on, start getting your benefit, start getting housing benefit, and the contribution you were asked for was minimal. Turn up every couple of weeks and sign on - tick the boxes, no questions asked. No CV? No problem. No real effort put in? No problem. And all this had a corrosive effect.

"For those paying for welfare - it infuriated them. For those dependent on welfare - it infantilised them. Because people don't just live up to expectations - they live down to them too. If you give people nothing to work for, no responsibilities to uphold - they're going to lose the ability to stretch themselves and find work."

"We have already capped benefits to £26,000... and the next Conservative government would lower that to £23,000, because no household should receive more in benefits than the average family earns," the PM continues.

On the subject of welfare, the PM says: "I would ask them: is it compassionate to leave people on the dole for years with no incentive to get into work? Is it big-hearted to leave people on sickness benefit without checking if they can work, if given the right help? Is it kind to sentence people to never going anywhere... of letting people in their teens and twenties sit at home all day slipping into depression and despair? No. No-one wants that life for their own child or their own friend, why would anyone want it for millions of people?"

Mr Cameron opened his speech by saying: "Our long-term economic plan is working. Last year we were the fastest growing major economy in the world. We've created a thousand jobs a day. There's a record number of businesses in Britain. The pistons in our factories are firing, the orders in our companies are rising - the plan is working."

David Cameron is speaking in front of a Tory-blue background with the phrase "A Britain that rewards work" right beside his head.

For those of you that want to watch David Cameron's speech on Tory welfare policy from Hove, click on the "live coverage" tab above.

Alex Diaz
Press Association

Tweets, external: In Hove waiting for @David_Cameron speech on the campaign trail

Image source, PA

Image source, PA

Cathy Jamieson, Labour's shadow Treasury minister, said inflation had fallen because of oil prices and British wages "continue to be sluggish and working people are £1,600 a year worse off under this government".

She added: "A few months of falling world oil prices won't solve the deep-seated problems in our economy. That's why we need Labour's better plan to build a more productive economy that will earn our way to higher living standards for all and so get the deficit down too."

Speaking live from Inverness, Lib Dem and Chief Secretary to the Treasury Danny Alexander told BBC News the inflation figures were "very much off the back of falling oil prices". Combined with "the best economic growth in Europe", they would "help to improve people's standard of living".

He also said the Liberal Democrat "influence" in government was key to the improving UK economy.

The Spectator

Isabel Hardman, assistant editor of The Spectator, gives her take on the furore which followed Ed Balls' receipt request, external.

On today's inflation figures, the chancellor said: "Today we see the lowest CPI inflation ever - a milestone for the British economy. It's great news for families, whose budgets will stretch even further. It shows that those who went around predicting a cost of living crisis were plain wrong.

George Osborne continued: "Although the low inflation is, as the Bank of England confirmed last week, driven by lower food and energy prices rather than damaging deflation, we will remain vigilant to all risks, particularly when the global economic situation is so uncertain."

Image source, PA

Here's our story on the latest inflation figures. The rate of UK Consumer Prices Index inflation fell to 0.3% in January, helped by cheaper motor fuel prices. The Bank of England thinks inflation may temporarily turn negative in the spring.

The Guardian

Julia Raeside, TV columnist for the Guardian, says "there is not much sophistication in this political satire, external" in her piece about the hotly debated "docudrama" that aired on Channel 4 last night, about what it would be like if UKIP won the election.

On the subject of whether children should be taught about sex in schools, broadcaster Lynette Burrows has told BBC 5 Live you can tell children about babies, "but you don't have to tell them how they got there". Ms Burrows has previously made headlines after she suggested that anyone who wanted to "talk dirty" to children was a danger to them.