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| Version 2 | Version 3 |
|---|---|
| Vince Cable warns against economic complacency | Vince Cable warns against economic complacency |
| (about 1 hour later) | |
| Lib Dem cabinet minister Vince Cable is warning the government against complacency over the economy. | Lib Dem cabinet minister Vince Cable is warning the government against complacency over the economy. |
| It comes two days after Chancellor George Osborne said the UK was "turning a corner" amid signs of recovery. | It comes two days after Chancellor George Osborne said the UK was "turning a corner" amid signs of recovery. |
| But Mr Cable is due to say he and fellow ministers "can't rest on our laurels". | But Mr Cable is due to say he and fellow ministers "can't rest on our laurels". |
| In a speech to business leaders he will claim that "a few quarters of good economic data" did not mean the country was out of the danger zone. | In a speech to business leaders he will claim that "a few quarters of good economic data" did not mean the country was out of the danger zone. |
| Ahead of his speech, the business secretary told BBC Radio 4's Today programme the UK was experiencing the "beginnings of a recovery", but said it would not become "meaningful" until there was strong and sustained business investment. | |
| 'Embarrassing slap-down' | 'Embarrassing slap-down' |
| In a CBI conference speech at Warwick University later, Mr Cable is expected to say: "We can't rest on our laurels. | In a CBI conference speech at Warwick University later, Mr Cable is expected to say: "We can't rest on our laurels. |
| "The kind of growth we want won't simply emerge of its own volition. In fact, I see a number of dangers. One is complacency, generated by a few quarters of good economic data." | "The kind of growth we want won't simply emerge of its own volition. In fact, I see a number of dangers. One is complacency, generated by a few quarters of good economic data." |
| However he is expected to add: "It isn't difficult to see evidence of confidence returning" and will talk of "positive trends in production". | However he is expected to add: "It isn't difficult to see evidence of confidence returning" and will talk of "positive trends in production". |
| "Taken together with success stories like the car industry and export growth in emerging markets, we have the beginnings of a recovery story," Mr Cable will go on. | "Taken together with success stories like the car industry and export growth in emerging markets, we have the beginnings of a recovery story," Mr Cable will go on. |
| "But there are risks, not least the housing market getting out of control. Recovery will not be meaningful until we see strong and sustained business investment, and this... as a share of GDP, is currently the lowest in the G7." | "But there are risks, not least the housing market getting out of control. Recovery will not be meaningful until we see strong and sustained business investment, and this... as a share of GDP, is currently the lowest in the G7." |
| Shadow business secretary Chuka Umunna said Mr Cable had issued an "embarrassing slap-down" to the chancellor. | Shadow business secretary Chuka Umunna said Mr Cable had issued an "embarrassing slap-down" to the chancellor. |
| But Mr Cable denied the suggestion he was at odds with Mr Osborne, pointing out the chancellor had said the economy was "beginning" to turn the corner. | |
| He said he agreed with Mr Osborne's claim Labour's Ed Balls had been proved wrong in his criticism of coalition policy. | |
| But he told Today Britain's economy remained in a "long, dark tunnel". | |
| "I don't want the public debate about this to become obsessive about a few weeks' data, when what really matters is the long-term change we're trying to achieve, getting Britain more outward looking, avoiding a return to the boom-bust psychology." | |
| He added: "The point I am trying to make is that this is a long-term haul. We have got a marathon not a sprint here. | |
| "It took us years of mistakes by governments to get us into this crisis, and it has taken five years to start to crawl out of it. | |
| "It is going to take a long time to get the British economy on the right track." |