George Osborne has won praise from a leading international forum for his “remarkable” stewardship of the economy.
Angel Gurria, head of the Organisation for Economic Co-operation and Development (OECD) said the Chancellor deserved a “pat on the back” – even echoing a Tory slogan by hailing the Government’s “long-term economic plan”.
But he also warned that UK plc’s recovery would be in jeopardy unless productivity improved – and highlighted the continuing threat from high property prices.
Launching the OECD’s latest survey of the British economy, Mr Gurria noted that 2.6 per cent growth last year was the highest in the G7. The organisation expects the rate to be the same this year.
Mr Gurria told reporters at the Treasury that the performance of the labour market had been “remarkable”, with three million jobs created over the past five years – outstripping the US on a per capita basis.
“We are predicting this economic expansion will continue this year and next,” he said.Reuse content