Osborne: Critics of economic plan proved 'wrong'

Chancellor George Osborne has said that critics of Britain's economic recovery plan have been proved "comprehensively wrong".

Chancellor George Osborne Credit: John Stillwell/PA Wire/Press Association Images

Speaking in Washington, Mr Osborne said: "Cutting deficits and controlling spending has not choked off recovery but has instead laid the foundations for sustainable growth."Many risks remain, but all this should be cause for cautious optimism."

He conceded "many risks remain" for the UK, including the fall out from the Ukraine crisis and the sluggish eurozone recovery, but hailed the success of the upturn a year after the International Monetary Fund (IMF) warned that his austerity policies were "playing with fire".