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Purse strings stay tight: Osborne warns that Britain's economic recovery is 'not yet secure' | |
(about 5 hours later) | |
Britain’s recovery is “not yet secure” despite rising growth and falling unemployment and is vulnerable to economic turmoil around the world, George Osborne will warn today. | Britain’s recovery is “not yet secure” despite rising growth and falling unemployment and is vulnerable to economic turmoil around the world, George Osborne will warn today. |
The Chancellor will say it would be a “huge mistake” for him to declare “job done” in next month’s Budget, making clear that he is not about to loosen the nation’s purse strings. | The Chancellor will say it would be a “huge mistake” for him to declare “job done” in next month’s Budget, making clear that he is not about to loosen the nation’s purse strings. |
Ministers have been heartened by evidence the economy is bouncing back surprisingly strongly after nearly four years, but Mr Osborne will caution against complacency. | Ministers have been heartened by evidence the economy is bouncing back surprisingly strongly after nearly four years, but Mr Osborne will caution against complacency. |
Speaking to business leaders in Hong Kong, he will warn: “As well as reasons to be cheerful, there are also reasons to be careful.” | Speaking to business leaders in Hong Kong, he will warn: “As well as reasons to be cheerful, there are also reasons to be careful.” |
He will point to threats to Britain’s security from problems in other economies, particularly in the emerging markets. | He will point to threats to Britain’s security from problems in other economies, particularly in the emerging markets. |
“If we have learnt anything from the recent Great Recession, it is that in this interconnected global economy one country’s problem can very quickly become everyone else’s problem.” | “If we have learnt anything from the recent Great Recession, it is that in this interconnected global economy one country’s problem can very quickly become everyone else’s problem.” |
Mr Osborne will say Britain has the fastest-growing major economy in Europe and the largest growth in employment levels in its history, but he will add: “Some in Britain might be tempted to say: 'job done, let’s avoid more hard decisions'. That would be a huge mistake. Abandon the plan and we abandon the progress we’ve made and go back to square one.” | Mr Osborne will say Britain has the fastest-growing major economy in Europe and the largest growth in employment levels in its history, but he will add: “Some in Britain might be tempted to say: 'job done, let’s avoid more hard decisions'. That would be a huge mistake. Abandon the plan and we abandon the progress we’ve made and go back to square one.” |
There is no alternative to carrying on cutting the nation’s debts, increasing investment and boosting exports, he will insist. | There is no alternative to carrying on cutting the nation’s debts, increasing investment and boosting exports, he will insist. |
“I’m now the first to say the recovery is not yet secure and our economy is still too unbalanced,” he will say. | “I’m now the first to say the recovery is not yet secure and our economy is still too unbalanced,” he will say. |
Chris Leslie, the shadow Chief Secretary to the Treasury, said: “George Osborne is finally recognising that the recovery, which he choked off in 2010, is still not secure or balanced. But he has not yet admitted working people are facing a cost-of-living crisis.” | Chris Leslie, the shadow Chief Secretary to the Treasury, said: “George Osborne is finally recognising that the recovery, which he choked off in 2010, is still not secure or balanced. But he has not yet admitted working people are facing a cost-of-living crisis.” |
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