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Osborne admits recovery is not yet secure

The Chancellor George Osborne has amitted the UK’s economic recovery is not yet secure, and is still too unbalanced.

In a planned speech to business leaders in Hong Kong today, the Chancellor will warn “as well as reasons to be cheerful, there are also reasons to be careful.”

The speech comes ahead of a meeting of G20 finance ministers this weekend in Australia and ahead of next month’s budget.

He is expected to say that more must been done to address national debt and deficit - signalling further cuts.

Mr Osborne will say: “We cannot rely on consumers alone for our economic growth, as we did in previous decades. And we cannot put all our chips on the success of the City of London, as my predecessors did. Britain is not investing enough. Britain is not exporting enough.”

Chris Leslie MP, Labour’s shadow Chief Secretary to the Treasury, responded: “We need action to secure a stronger recovery and earn our way to higher living standards for all.

“That’s why we have called for action to boost housing supply, reform of our banks and energy markets, an expansion of free childcare to make work pay and a compulsory jobs guarantee for young people and the long-term unemployed.”

This was posted in Bdaily's Members' News section by Tom Keighley .