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George Osborne cautions on UK economic recovery

Over the last few weeks there has been doom and gloom surrounding the UK economy and prospects for short to medium term. However, today's news that the UK economy grew by 1.1% in the second quarter of 2010 would appear to offer the perfect opportunity for the Chancellor of the Exchequer George Osborne to try and talk the economy up even further. So why is George Osborne remaining fairly cautious?

There is no doubt that today's news was very much unexpected but when you compare this against a backdrop of significant budget cuts, increased taxes and potential problems in overseas money markets and economies (such as Europe) then potentially we may not be "in the promised land" as yet. It is rather puzzling as to why George Osborne is remaining fairly cautious because he has been absolutely slaughtered by many of his political opponents over the last few weeks. Surely now would've been the opportune moment to fight back with facts and figures and attempt to put opposition MPs "in their place".

It will be interesting to see how the UK economy performs in the short to medium term and indeed whether today's news is a turning point. All will be revealed in due course!

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