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PM David Cameron warns of new risk to economy

By David Hughes

David Cameron warned a fresh global economic disaster could be looming as he urged Britons to back his plan to ensure stability in the UK.

In a bleak assessment following the G20 gathering of international leaders in Brisbane, he said "red warning lights are once again flashing on the dashboard of the global economy" six years on from the crash that "brought the world to its knees".

There was a "dangerous backdrop of instability and uncertainty", with diplomatic, humanitarian and economic problems around the world, he said, potentially putting the UK's recovery at risk.

Writing in a national newspaper, he said: "As I met world leaders at the G20 in Brisbane, the problems were plain to see.

"The eurozone is teetering on the brink of a possible third recession, with high unemployment, falling growth and the real risk of falling prices too.

"Emerging markets, which were the driver of growth in the early stages of the recovery, are now slowing down.

"Despite the progress in Bali, global trade talks have stalled while the epidemic of Ebola, conflict in the Middle East and Russia's illegal actions in Ukraine are all adding a dangerous backdrop of instability and uncertainty."

The UK economy was the fastest-growing in the G7, with "record numbers of new businesses, the largest ever annual fall in unemployment, and employment up 1.75 million in four years", Mr Cameron said.

"But the reality is, in our interconnected world, wider problems in the global economy pose a real risk to our recovery at home," he added.

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