Darling 'confident but cautious' over recovery
Chancellor Alistair Darling said today that he was "confident but cautious" that Britain was on the path to a sustained economic recovery.
Mr Darling, in Davos for the annual meeting of the World Economic Forum, said he believed the action taken by governments around the world to shore up their economies was beginning to restore confidence in the private sector.
But with the latest official figures showing that the UK is only just out of recession, he warned that if Government support was withdrawn too quickly there was a danger it would "tip back".
While he emphasised that the £178 billion deficit in the public finances had to be tackled, it was essential that growth was firmly established first.
"Once you get through to that, once you get recovery, then of course you have got to get your borrowing down," he told the BBC Radio 4 Today programme.
"Pull that support prematurely, the Tory prescription if you like, and you run the risk that you will actually tip things back, which is why I attach so much importance to getting our economy back to recovery."
Mr Darling said that he believed that he had struck the right balance and he accused the Conservatives of "running away" from earlier pledges to tackle the deficit more quickly as they realised the dangers.
"I am confident about this, but also I shall remain cautious, but I think the path we have set ourselves, which is similar to most other advanced countries in the world, will see ourselves through to recovery and you will start to see the private sector growth coming in," he said.
- 1 Lego breaks out of the toy box and heads for the gallery
- 2 A bottle of wine a day is not bad for you and abstaining is worse than drinking, scientist claims
- 5 Grandmas keep accidentally tagging themselves as Grandmaster Flash on Facebook
David Haines remembered: Death of British hostage executed by Isis lamented from the Balkans to Sudan
Jennifer Lawrence and Kate Upton nude pictures exhibition cancelled after artist concedes photos were 'stolen property'
David Haines beheading: David Cameron says Britain will hunt down Isis 'monsters' shown in video murdering aid worker
Piers Morgan attempts to save the Union by promising to go back to the US if Scotland votes 'No' to independence
Jennifer Lawrence to make public appearance after nude photo leaks as Met Gala Ball 2015 co-host
Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
George Galloway on Scottish independence: The political class is doing what Hitler couldn’t – destroying Britain
Scottish independence: Nationalist leader Jim Sillars threatens pro-union companies with 'day of reckoning' after independence
Scottish independence: Yes campaign feels the heat as Alex Salmond's NHS claims come under furious attack
Scottish independence: Britain faces 'constitutional crisis' at next election
£23m Birmingham cycle scheme is attacked by Tory councillor for not catering to the elderly
£300 - £350 Per Day: Clearwater People Solutions Ltd: Our client based in Cent...
£45 - £60 per day: Randstad Education Bristol: Qualified and/or experienced te...
£7 - £8 per hour: Randstad Education Bristol: Qualified nursery nurses and exp...
£80 - £114 per day: Randstad Education Bristol: Newly qualified teachers requi...