The UK’s economic recovery is still not secure, says Chancellor George Osborne.

In a speech to business leaders in Hong Kong, ahead of the G20 Finance ministers meeting this weekend in Australia, which will be discussing global risks, the chancellor pointed out that the economic recovery is not yet secure. He assured that those risks can be “tackled head on” by each country putting their “own houses in order”.

On the necessary reforms that the UK needs to undertake to secure the recovery, he said: “I’m now the first to say that the recovery is not yet secure and our economy is still too unbalanced. We cannot rely on consumers alone for our economic growth, as we did in previous decades. And we cannot put all our chips on the success of the City of London.

Britain is not investing enough. Britain is not exporting enough.

Both business investment and exports are forecast to grow. But we can’t be passive observers of the forecasts. We need to roll up our sleeves, get to work and make it happen.”