UK economy 'leaving intensive care'

22 June 2013 Last updated at 20:13 ET

The UK economy is "leaving intensive care", Chancellor George Osborne will say as he unveils his spending plans for 2015-16.

Mr Osborne will outline £11.5bn of Whitehall cuts when he delivers his spending review on Wednesday.

But Mr Osborne will announce investment in infrastructure projects, including roads, railways, education and science.

Shadow chancellor Ed Balls has said the government should do more to boost the economy to avoid the need to make cuts.

'Rescue to recovery'

Mr Osborne will announce an infrastructure plan to "power Britain back into the economic premier league".

The chancellor is expected to tell MPs: "Britain is moving from rescue to recovery. But while the British economy is leaving intensive care; now we need to secure that recovery.

"Full recovery won't be easy, but I won't let up in my determination to put right what went so badly wrong.

"We are already making progress; the economy is growing, more than a million new jobs have been created by British businesses and the amount the government has to borrow each year - the deficit - is down by one third.

"But there's more we have to do - it's time for the next stage of our economic plan."

Scale of cuts

And he will launch an attack on the opposition, saying: "Three years ago Labour tried to scare the country about the pain to come if any government actually dared to cut spending and borrowing. But their predictions haven't come true."

Mr Osborne will use fines from the Libor bank interest rate-fixing scandal to benefit war veterans and their families.

The chancellor is still in negotiations with some government departments over the scale of cuts required.

Labour leader Ed Miliband has announced that he would not be able to afford to reverse Mr Osborne's cuts should his party come to power at the next election in 2015.

Writing in the Sunday Mirror, Mr Balls said: "Instead of planning more cuts two years ahead, they should use this week's spending review to boost growth and living standards this year and next year.

"More growth now would bring in more tax revenues and mean our public services would not face such deep cuts in 2015."

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