London Mayor Boris Johnson has denied that he was being critical of the Chancellor George Osborne's handling of the economy when he called for an end to the rhetoric of austerity today:
Speaking at the World Economic Forum in Davos, he said Mr Osborne was "on the money" with his talk of cutting the deficit, but that there were also more positive stories to tell.
He added that there were "stupendous sums of money" in the private sector waiting to be invested.
Business leaders at the World Economic Forum cautioned against complacency amid optimism that the eurozone is emerging from its crisis.
The Chancellor blames GDP figures on the crisis he inherited, and troubles abroad. As criticism mounts, his position becomes more difficult.
Unusually frank words for the government from one of the City's top economists on today's dismal GDP figures.