The party's principles, last revised in 2003, include "loyalty to our country, its democratic principles and our Sovereign as Head of State; national and personal security; equal citizenship and equal opportunity; individual freedom and choice; personal responsibility; competitive enterprise and rewards for achievement; limited government; strong families and caring communities; sustainable development of our environment." National supports a limited welfare state but says that work, merit, innovation and personal initiative must be encouraged to reduce unemployment and boost economic growth. In a 1959 speech, party leader and Prime Minister Keith Holyoake encapsulated the conservative and liberal principles of the National Party: