Osborne: UK economy showing ‘tentative signs of a sustainable recovery’

George Osborne will deliver a speech on Monday, in which he will say that the British economy is “turning a corner”.

The chancellor, who will be giving his speech to academics, thinktanks and businesses in London, is expected to say that there are “tentative signs of a balanced, broad based and sustainable recovery”. His remarks have been dismissed by the opposition.

Labour leader Ed Milliband is also set to speak at the TUC conference, and is expected to criticise the chancellor, saying that the government is “out of touch with ordinary families” by “congratulating themselves on the economy”.

Last week, the Organisation for Economic Co-operation and Development (OECD) increased growth forecasts for the UK’s economy from 0.8% to 1.5% for the first half of the year.

Osborne will say, “This is a hard, difficult road we have been following. But it is the only way to deliver a sustained, lasting improvement in the living standards of the British people.”

He is expected to criticise those who oppose government deficit policies, saying, “Those in favour of a Plan B have lost the argument.”

Shadow Treasury minister Chris Leslie said, “Three wasted years of flatlining under George Osborne have left ordinary families worse off and caused long-term damage to our economy.”

Many working families across Britain have found it much more difficult to get by every month under new government policies, and some have claimed that, for the first time, the UK has seen the emergence of a “working poor”.

Further reading:

Spending review: ‘reform, growth and fairness’ (but still unsustainable)

The budget speech we want to see

Myopic budget threatens UK’s long-term prosperity