9th September 2013
Chancellor George Osborne declared that the British economy is “turning a corner” in a speech in London this afternoon writes Philip Scott.
Ahead of the ahead of the Conservative Party conference later this month, the Chancellor said there are “tentative signs of a balanced, broad based and sustainable recovery” and made the case that his strategy had worked.
The UK has enjoyed a spate of better economic numbers in recent months. Upwardly revised GDP figures showed the UK economy expanded by 0.7% in the three months to the end of June. Just last week, the OECD upwardly revised its own growth forecast for the British economy from 0.8% to 1.5% for the year. Osborne said the better data had “decisively ended” questions about his economic policy, however he added that “plenty of risks” remained.
Opposition leader Ed Miliband told the BBC that the chancellor was “saying to people that he has saved the British economy at a time when, for ordinary families, life is getting worse”.
“If ever you wanted proof that the government is out of touch with most people, that it is on the side of the few, George Osborne has provided it today,” he added.
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John Cridland, director-general of business trade group, CBI says: “The economy is gathering some momentum and with business confidence on the up, supported by greater interest rate certainty, we expect growth to continue into next year.
“But to deliver a sustainable recovery we need stronger levels of business investment and trade to rebalance the economy, so we must get behind smaller firms who are ambitious to export.
“We have always said that deficit reduction should be at the top of the Government’s ‘to-do list’, but it must be coupled with an unrelenting focus on growth-boosting measures like infrastructure projects.”