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UK triple-dip recession looms

Chancellor George Osborne has vowed not to "run away" from Britain's economic problems amid fresh signs the UK is heading for an unprecedented triple-dip recession.

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Boris Johnson: Government must 'junk talk of austerity'

London Mayor Boris Johnson has said the government must "junk talk of austerity" in order to boost confidence in the British economy.

London Mayor Boris Johnson Credit: Sean Dempsey/PA Wire

In a speech to business leaders in Davos, he said the government must "recognise that the single biggest inhibitor of demand is lack of confidence".

He added: "If only some of the people in this room would invest some of the cash in their balance sheets we would see that confidence rewarded in a virtuous circle.

"This morning's news demonstrates why the Chancellor is pursuing measures now that will boost confidence, further stimulate demand and bring growth, through investment in housing, transport and infrastructure."

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