Recovery not secure says Osborne

The economic recovery is "not yet secure and our economy is still too unbalanced", according to Chancellor George Osborne.

In a speech to business leaders in Hong Kong, Osborne outlined the changes the UK needs to make to secure the recovery.

Key points from Osborne's speech:

  • The UK cannot rely on consumers to drive economic growth
  • Britain is not investing or exporting enough
  • The country needs to be proactive in making growth happen.

Osborne also hinted that his 19 March Budget will be export-focused:

"I want to deliver a Budget that supports a Britain that invests and that exports.

"A Budget that lays the foundations for our long term economic security.

"And a Budget which ensures that around the world, wherever you are, you can't help but see ‘Made in Britain'. That's the budget I'm going to deliver."

Commenting on Osborne's speech, John Longworth, director general of the British Chambers of Commerce, said:

"George Osborne hit the nail on the head in Hong Kong when he said that Britain is not investing enough and not exporting enough. Unless our economic recovery broadens out, and companies feel confident enough to implement their growth plans both at home and overseas, it will be merely good rather than truly great."