He said: “If the G20 meeting of world finance ministers showed anything it is the continued caution over the strength of economic recovery.
“Considerable progress has been made since they last met in March. Then we were in the grip of the worst economic downturn the world has seen since the 1930s. Six months on and the China-led East is displaying strong growth, Japan is back in positive territory while in Europe, both France and Germany are showing tentative signs of growth. Bringing up the rear, the USA and UK are expected to return to growth later in the year.
“Finance ministers' insistence on continuing stimulus measures which are credited with economic revival shows that we are not in the clear yet and were we to endure a double dip recession, there are insufficient funds in the coffers to repeat the exercise.”
