The UK is 'not immune' to the global economic crisis, chancellor George Osborne warned this morning.
Speaking in Manchester before heading out to a financial summit in Poland, he also said his European colleagues were 'running out of time to send a clear signal' that they were dealing with the Eurozone crisis.
He said: ' At today's meeting I will be looking for my Eurozone colleagues to send a clear signal that they truly recognise the gravity of the situation and are dealing with it. The time is short, the eurozone must act now.'
But he insisted the coalition's austerity measures had put the country 'ahead of the curve' and ensured interest rates can stay low.
His comments come the day after a major global bailout fund, backed by British taxpayers, was launched to stop Europe’s creaking banks running out of money.
And they follow an early rally this morning in the European markets, which has been seen as a direct response to the plans, which are backed by the Bank of England, to flood central banks around the world with unlimited amounts of cash.
The dramatic intervention, on the third anniversary of the collapse of investment bank Lehman Brothers, underlined how worried finance chiefs are from America to Japan about the global economy.
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Friday, 16 September 2011
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