UK Chancellor champions economy at G20 summit

UK Chancellor George Osborne has told G20 leaders that Britain’s recovering economy could soon stand alongside the US in terms of performance.

Speaking on the way to St Petersburg, he said Britain’s ability to attract investment from overseas, coupled with domestic firms exploring new markets, has been key to the success of the economy. Osborne will lead efforts at the G20 summit to fend off Latin American calls to allow protectionism to creep back into the world economy, as well as building ties with growth regions.

He was quick to point out that, although Britain is in the early stages of recovery, growth signs in 2013 have been positive. The 'Great Recession', which crippled many economies in the West, is likely to have ramifications for many years to come, and the Chancellor promoted realism over optimism until the economy shows true signs of growth.

He said: "We are still in the early stages of that journey … I don't think anyone should get ahead of themselves: unemployment is too high, the deficit is still too high. Yes we have had better economic news and yes confidence is improving, but as we have seen many times, events can overwhelm and shake that confidence."

The Organisation for Economic Co-operation and Development (OECD) have upped their forecasts for growth in the UK economy from 0.8% to 1.5% for this year, while other economies in Europe struggle to shake off the lasting effects of the recession. Britain is now predicted to have the best-performing major economy in the developed world for the rest of the year, with high street sales and UK factories seeing the biggest boom in almost 20 years.

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