Osborne: UK economy is showing signs of recovery

Chancellor George Osborne has said that the UK economy is “turning a corner” in a speech in London.

08:55 11 September 2013

Following numerous surveys suggesting that UK’s economic recovery is accelerating, Chancellor George Osborne has said that the UK economy is indeed “turning a corner.” This comment is backed up by upbeat reports on economy in recent months.

According to national figures, UK’s economy grew by 0.7per cent in the second quarter of the year and it is expected to grow by 1per cent in the third quarter.

Mr Osborne said: "The economic collapse was even worse than we thought. Repairing it will take even longer than we hoped.

"But we held our nerve when many told us to abandon our plan. And as a result, thanks to the efforts and sacrifices of the British people, Britain is turning a corner.

"Of course, many risks remain. These are still the early stages of recovery. But we mustn't go back to square one. We mustn't lose what the British people have achieved.

"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."