UK economic recovery at “critical” stage
09/10/2014
The UK economic recovery is under threat from the potential of another Eurozone recession, chancellor George Osborne has warned.
The chancellor said that the UK economy is at a “critical” stage in its recovery, and would be left vulnerable if the Eurozone suffers another financial crisis.
Recent figures have suggested that the Eurozone economy is struggling at the moment, and it is at risk of slipping into another recession.
Mr Osborne said that if this were to happen, then the UK economy would “not be immune” from the knock-on effects of a crisis.
He said: "This is a critical moment for the British economy. The eurozone risks slipping back into crisis."
"Britain cannot be immune from that – indeed it's already having an impact on our manufacturing and our exports, and we need to send a clear message out around the world that we have a stable economy and our economic plan is working."
European Central Bank
Chancellor George Osborne has also called on the European Central Bank to start “doing its bit”.
He said: “You need credible fiscal plans, and the Germans would certainly agree with me on that, but I think you also need the European Central Bank doing its bit to help.
“Fiscal credibility and monetary support go hand in hand; they're two sides of the same coin.”
Speaking about his plans to try and avoid the effects of a Eurozone recession, Osborne said the economy can be protected to some extent by sticking to the Conservative party’s economic plan.
Mr Osborne continued: “We must stick with our long-term economic plan, so delivering economic stability. We are cutting business taxes, making the UK a place to invest, and that will protect jobs right here.”
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