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Osborne backs King's economic forecasts

Date Added: 19/08/2010  

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Firms seeking business debt advice have been warned by George Osborne that the UK is facing a "choppy recovery" from the recession.

Speaking at the Bloomberg news agency offices in London on Tuesday (August 17th), the chancellor said he agreed with Mervyn King's assessment of the many challenges still facing the British economy.

Mr Osborne said his latest letter from the Bank of England governor had convinced him that inflation is proving "more persistent than expected".

In addition, he pointed out that the availability of credit for businesses remains limited, while concerns over sovereign debt issues continue to undermine confidence in the UK and around the world.

Despite these worries, Mr Osborne said British companies should be "cautiously optimistic" about the economy.

However, shadow chancellor Alistair Darling told BBC News he believes the government's wide-ranging programme of cuts will ultimately derail the recovery.

"The problem George Osborne has is that this government is slowly and surely being defined by cuts," he said.

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