Companies pledge thousands of jobs at No 10 summit

It was part of the coalition's attempt to "rebalance the economy" by replacing public sector jobs lost in the 81 billion of cuts over the next four years with new ones in the private sector.

Other firms, led by the major supermarkets, followed Sainsbury's lead, with news that they, too, would create thousands of new jobs.

Morrisons said it would create 5,700 new jobs by opening new stores and 300 in manufacturing, while Tesco predicted 9,000 extra posts, the Co-op 1,000 and Asda 15,000 retail apprenticeships. Others included John Lewis and Microsoft (4,000 each), Centrica (2,600), InterContinental Hotels (about 1,000) and Kingfisher (several hundred).

Mr Cameron said the new jobs came on top of 300,000 posts created in the private sector over the past six months.

"We can only get our economy back on track by creating a climate in which the private sector can grow and develop, creating jobs and opportunities for people across the country," he said. "This year, the government is determined to help deliver many thousands of new jobs and I'm delighted that the companies joining me today are part of that.

"It's time we looked forward to a positive, strong, confident Britain. By developing the right skills and jobs, I am determined that the many not the few will share in the country's prosperity."

But Labour leader Ed Miliband told a London press conference minutes ahead of the summit: "If Mr Cameron is really concerned about jobs, he should address the dangers of a lost generation of young people. He should think again about his decision to abandon the Future Jobs Fund and the 100,000 additional jobs it would have offered to young people out of work."

The fund was launched by the previous Labour government in response to a rise in youth unemployment in 2008 and 2009 and was used to fund temporary jobs, mainly for 18-24 year-olds who had been out of work for more than six months.

With nearly one in five young people unemployed, the Commons work and pensions committee has warned of a "looming gap" in provision for young jobseekers, Mr Miliband said.

He warned: "Out of work, these young people cost money to the Exchequer and their potential is being wasted. And we know from the 1980s and 1990s the dangers of leaving young people without hope and chances."John Philpott, of the Chartered Institute of Personnel and Development, said the job creation pledges and policy initiatives unveiled at the summit were "likely to have only a marginal impact on the employment outlook in 2011".

Meanwhile, on a day when Mr Miliband indicated he would not support strike action over public sector cuts, the RMT transport union said it planned a walkout on the London Underground on the day of the royal wedding.

Mr Miliband said strike action "is a sign of failure" and that he would not want to be judged on "how many rallies I address".