The British Prime Minister, David Cameron, last night said that another global recession is imminent, if prudent steps are not taken.
He said in an article in the Gurdian that ‘red warning lights’ were ‘flashing on the dashboard of the global economy’ and the eurozone was ‘teetering on the brink’ of another recession, citing global instability such as the continued eurozone problems and the ebola outbreak threatened Britain’s recovery.
He wrote: ‘In six months’ time, Britain will face a choice: the long-term plan that has seen it prosper, or the easy answers that would surely have seen it fail.
‘By sticking to our long-term plan at home and standing up for Britain’s interests abroad, we will do everything possible to protect our economy and give hardworking families a secure future in a Britain they are proud to call home.’
‘Six years on from the financial crash that brought the world to its knees, red warning lights are once again flashing on the dashboard of the global economy.
‘The eurozone is teetering on the brink of a possible third recession. Emerging markets, which were the driver of growth in the early stages of the recovery, are now slowing down.’
He said ebola, conflict in the Middle East and Russia’s ‘illegal actions’ in Ukraine all added a ‘dangerous backdrop of instability and uncertainty’.
Despite this, the British economy was growing. ‘But in our interconnected world, wider problems in the global economy pose a real risk to our recovery at home. We cannot insulate ourselves completely, but we must do all we can to protect ourselves from a global downturn.’