UK economic recovery not secure, warns George Osborne

The UK’s economic recovery is “not yet secure”, Chancellor George Osborne has warned, ahead of next month’s Budget.

In a speech to business leaders in Hong Kong, Mr Osborne called for a surge in exports, but insisted that the situation remained “unbalanced” and that cuts to the national debt had to continue.

This comes after the Bank of England upgraded its UK growth forecast for the year from 2.8% to 3.4%.

The chancellor is set to deliver his Budget on 19 March, following a recent run of good economic news, with unemployment down and the revised growth forecast.

Conversely, Mark Carney, the Banks governor said the recovery so far had been “neither balanced nor sustainable” and required continued support.

Experts say that improvements are too dependent on consumer spending.