George Osborne: Recovery not secure

The chancellor of the exchequer was speaking to business leaders in Hong Kong ahead of the G20 Finance ministers meeting in Australia this weekend, which will discuss global risks.

He said: “So I’m now the first to say that the recovery is not yet secure and our economy is still too unbalanced.

“We cannot rely on consumers alone for our economic growth, as we did in previous decades.”

The chancellor will deliver a budget in four weeks’ time, which he hopes will solidify the recent upturn in the UK economy.

He added: “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.

“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.”

Osborne was wary of success driven by the City of London, and said leaders need to work together to ensure market problems don’t contribute to a new crisis.

He said: “How do we do that? By each one of us putting our own houses in order.”