Osborne: 'UK Economy Is Turning A Corner'

George Osborne will say the UK economy is "turning a corner" and that his austerity programme "is working" in a speech later today.

The Chancellor will argue that a run of strong figures suggests the Government has won the economic argument over his critics who wanted him to change course from his Plan A.

He will hail "tentative signs of a balanced, broad based and sustainable recovery" and warn of the need to make "many billions" more in savings after the next election.

But he will insist that the last few months - which have seen growth forecasts revised upwards amid a number of positive indicators - had "decisively ended" questions about his deficit-reduction strategy.

Addressing an audience of academics, think tanks and businesses in London later, Mr Osborne will say: "The plan is working, but the recovery is still in its early stages, plenty of risks remain, and more years of hard decisions lie ahead.

"Our economy is turning a corner, but we must not take anything for granted.

"This is a hard, difficult road we have been following. But it is the only way to deliver a sustained, lasting improvement in the living standards of the British people."

He will add: "More tough choices will be required after the next election to find many billions of further savings and anyone who thinks those decisions can be ducked is not fit for government."

Labour has dismissed the Chancellor's speech as a "desperate attempt to rewrite history".

"Three wasted years of flatlining under George Osborne have left ordinary families worse off and caused long-term damage to our economy," shadow Treasury minister Chris Leslie said.

"This desperate attempt to rewrite history will not wash when on every test he set himself, this Chancellor's plan A has badly failed - on living standards, growth and the deficit."

Opposition leader Ed Miliband is expected to use his speech to the TUC conference to lambast the Chancellor for being "out of touch with ordinary families" by celebrating while they face the squeeze.

Mr Osborne has been buoyed by revised gross domestic product figures showing the UK economy grew by 0.7% in the second quarter of the year, with predictions it could reach 1% for the third quarter.

The respected OECD think-tank has almost doubled its prediction for UK growth this year to 1.5%.

Rising property prices and a summer retail splurge as well as booming car sales have also contributed to the feel-good factor, with surging manufacturing figures for June also helping fuel the improved mood.

Goods exports excluding oil plunged however by 9.3%, and the overall trade deficit more than doubled from £1.3bn to £3.1bn, with real terms wages also in decline.

The economy remains 3% below its pre-crisis level.

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