Economy ‘in most danger since 2008’

Chancellor George Osborne yesterday warned the global economy faced its “most dangerous time” since the 2008 crash.

In a statement to MPs, he said contingency plans were in place to protect British banks but acknowledged expectations for UK growth had fallen this year, admitting the recovery would take longer than previously hoped.

He insisted that the UK remained a “safe haven” and that the Government’s deficit-reduction programme would continue.

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His shadow Ed Balls accused Mr Osborne of being “either deeply complacent or in complete denial about what is going on”.

Volatility continued on international markets yesterday. Some £226bn has been wiped from UK shares in two weeks.

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