British chancellor warns of "cocktail of threats" to economy

Chancellor George Osborne warned on Thursday that Britain faces a volatile mixture of perils to its economy, citing problems in China, Russia and Brazil and instability in the Middle East.

"At the start of this year, our economy faces a dangerous cocktail of threats from abroad - from falling stock markets in places like China to instability in the Middle East," Osborne told the BBC.

"Our antidote is to go on putting our own house in order here in Britain so, far from 'mission accomplished' on the economy, 2016 is the year of 'mission critical'," he said ahead of a policy speech in Cardiff later Thursday, when he is expected to stress the need to continue austerity measures.

"It is precisely because we live in an uncertain world. It is precisely because we have not abolished boom and bust as a nation, that you need to take these steps, difficult steps," Osborne told BBC Radio 4.

"The difficult times aren't over," he said.

Last update: Thu, 07/01/2016 - 13:17

More from Europe

No agreement reached between Russia, Ukraine on gas deliveries

Russian and Ukrainian officials failed to reach an agreement on gas deliveries this winter in a first round of EU-...

Britain jails man for posting Islamic State video on Facebook

A British court sentenced a 31-year-old man to two years in prison on Friday after he was convicted of encouraging...

Latvian police fine couple after monumental public sex session

A pair of tourists were fined 250 euros (263 dollars) on Friday after being caught having sex on the Freedom...

Terror suspect arrested in Rotterdam in possession of Kalashnikov

A special Dutch police unit on Friday arrested a terror suspect in Rotterdam.

OSCE meeting fails to reach agreement amid "marked differences"

A meeting of the Organization for Security and Co-operation in Europe (OSCE) in Hamburg ended on Friday with...