It was never going to be an easy task to recover from the last economic downturn.
And now, it seems, that the UK Government is facing an even tougher challenge to avoid being dragged into a second - so-called double-dip recession - due to global events beyond its control.
The US economy and the increasingly desperate plight of the euro zone are wrecking global economic growth opportunities.
Taken individually, they represent a major threat.
Combined they are a potentially lethal mix which could trigger a downturn far deeper and more devastating than that which was generated by the banking crisis which began four years ago.
Britain's tough austerity measures are painful yet they do appear to be working at home. But they could be completely knocked off course by another global downturn.
Last night Chancellor George Osborne admitted short-term hopes for the UK economy were revised down in recent weeks.
At a dinner held at insurers Lloyd's of London, Osborne said: "While we have all had to revise down our short-term expectations over recent weeks, the only people who should be fundamentally re-examining their view of the world are those who thought that this time was different."
He added: "We set in train a plan that was comprehensive and clear in its vision, but also flexible enough to withstand shocks along the way."
He also said: "We had an emergency budget last summer on our own terms - not this summer on the market's terms - unlike so many other countries."
But is he right? Can Britain's recovery be sustained by the much vaunted "Plan A" or does Britain, as shadow chancellor Ed Balls has said, face a growth crisis?
Can the UK go it alone - or should we now change course because of events in the global economy? Would Britain therefore be better trying to spend its way towards greater growth?
Source: www.investortoday.co.uk
And now, it seems, that the UK Government is facing an even tougher challenge to avoid being dragged into a second - so-called double-dip recession - due to global events beyond its control.
The US economy and the increasingly desperate plight of the euro zone are wrecking global economic growth opportunities.
Taken individually, they represent a major threat.
Combined they are a potentially lethal mix which could trigger a downturn far deeper and more devastating than that which was generated by the banking crisis which began four years ago.
Britain's tough austerity measures are painful yet they do appear to be working at home. But they could be completely knocked off course by another global downturn.
Last night Chancellor George Osborne admitted short-term hopes for the UK economy were revised down in recent weeks.
At a dinner held at insurers Lloyd's of London, Osborne said: "While we have all had to revise down our short-term expectations over recent weeks, the only people who should be fundamentally re-examining their view of the world are those who thought that this time was different."
He added: "We set in train a plan that was comprehensive and clear in its vision, but also flexible enough to withstand shocks along the way."
He also said: "We had an emergency budget last summer on our own terms - not this summer on the market's terms - unlike so many other countries."
But is he right? Can Britain's recovery be sustained by the much vaunted "Plan A" or does Britain, as shadow chancellor Ed Balls has said, face a growth crisis?
Can the UK go it alone - or should we now change course because of events in the global economy? Would Britain therefore be better trying to spend its way towards greater growth?
Source: www.investortoday.co.uk
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