You are here: Home - Investing -

Osborne urges caution on British economic recovery

Written by:
Chancellor George Osborne has urged cabinet colleagues "not to get ahead of themselves" about the UK's economic recovery.
Osborne urges caution on British economic recovery

The Telegraph reports Osborne said the world economy remains volatile and the UK recovery could be shattered by a further crisis.

The report said a senior government source had earlier said the UK was increasingly distancing itself from “bucket economies” in the eurozone and was joining the US in terms of growth.

Speaking as he arrived at the G20, Osborne said: “This is first time the G20 has met in recent years where there is not a sense of crisis about the global economy, and indeed the performance of some advanced economies has been better than when leaders met last year and even when finance ministers last met in July.

“We are still in the early stages of recovery. We still have great economic challenges. I arrive at this summit as the finance minister with pretty much the highest budget deficit around the table, even though it has come down by a third.

“So we have a long way to make up for what happened. We are still in the early stages of that journey.”

He then cautioned on being too optimistic on the recovery.

“I don’t think anyone should get ahead of themselves: unemployment is too high, the deficit is still too high. Yes we have had better economic news and yes confidence is improving, but as we have seen many times events can overwhelm and shake that confidence.”


Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Everything you wanted to know about ISAs…but were afraid to ask

The new tax year is less than a fortnight away and for ISA savers or investors, it’s hugely important. If yo...

Your right to a refund if travel is affected by train strikes

There have been a wave of train strikes in the past six months, and for anyone travelling today Friday 3 Febru...

Could you save money with a social broadband tariff?

Two-thirds of low-income households are unaware they could be saving on broadband, according to Uswitch.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week