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Osborne claims victory for economic ‘Plan A’

Chancellor George Osborne has claimed victory for the Government’s economic ‘Plan A’, stating that the UK economy is turning a corner.

Citing ‘tentative signs of a balanced, broad based and sustainable recovery’, Mr Osborne said that recent economic data proves the Government’s economic plan is the ‘right response to Britain’s macroeconomic imbalances’.

Recent statistics suggesting that the economy grew by 0.7% in the second quarter were followed last week by an upward revision of the UK economic forecast by the Organisation for Economic Cooperation and Development (OECD).

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’.

Despite acknowledging that ‘many risks remain’, the Chancellor insisted that the Government’s plan is working, asserting, ‘Those in favour of a Plan B have lost the argument’.

The Confederation of British Industry acknowledged that the economy is ‘gathering some momentum’, but has urged the Government to couple its deficit reduction plan with an ‘unrelenting focus on growth-boosting measures like infrastructure projects’.