Lib Dem cabinet minister Vince Cable is warning the government against complacency over the economy.
It comes two days after Chancellor George Osborne said the UK was "turning a corner" amid signs of recovery.
But Mr Cable is due to say he and fellow ministers "can't rest on our laurels".
In a speech to business leaders he will claim that "a few quarters of good economic data" did not mean the country was out of the danger zone.
Ahead of his speech, the business secretary told BBC Radio 4's Today programme that the UK was experiencing the "beginnings of a recovery", but said it would not become "meaningful" until there was strong and sustained business investment.
'Embarrassing slap-down'In a CBI conference speech at Warwick University later, Mr Cable is expected to say: "We can't rest on our laurels.
"The kind of growth we want won't simply emerge of its own volition. In fact, I see a number of dangers. One is complacency, generated by a few quarters of good economic data."
However he is expected to add: "It isn't difficult to see evidence of confidence returning" and will talk of "positive trends in production".
"Taken together with success stories like the car industry and export growth in emerging markets, we have the beginnings of a recovery story," Mr Cable will go on.
"But there are risks, not least the housing market getting out of control. Recovery will not be meaningful until we see strong and sustained business investment, and this... as a share of GDP, is currently the lowest in the G7."
Shadow business secretary Chuka Umunna said Mr Cable had issued an "embarrassing slap-down" to the chancellor.
But Mr Cable denied the suggestion he was at odds with Mr Osborne, pointing out that the chancellor had said the economy was "beginning" to turn the corner.
He added that he agreed with Mr Osborne's claim that that Labour's Ed Balls had been proved wrong in his criticism of coalition policy.
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