Osborne: UK economy is turning the corner

<p>UK chancellor George Osborne says the economy is turning the corner.</p>

UK chancellor of the exchequer George Osborne will say in a speech later today (September 9th) that the country's economy is turning a corner.

The Office for National Statistics recently revealed growth of UK GDP for the second quarter was 0.7 per cent, up from its previous estimate of 0.6 per cent.

In an address to be made in London today, Mr Osborne is expected to state that there are "tentative signs of a balanced, broad based and sustainable recovery", though he will stress these are still in their early stages.

"The economic collapse was even worse than we thought. Repairing it will take even longer than we hoped," he will say in the address.

Earlier in the month, the Organisation for Economic Cooperation and Development predicted that the UK's economy could now expand by 1.5 per cent in 2013.

It previously claimed growth for the year as a whole would be just 0.8 per cent.

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