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Global economy warning lights are flashing, says PM Global economy warning lights are flashing, says PM
(34 minutes later)
"Red warning lights" are once again flashing over the state of the global economy, the prime minister has said."Red warning lights" are once again flashing over the state of the global economy, the prime minister has said.
Speaking after the G20 meeting of world leaders, David Cameron said a "dangerous backdrop of instability" threatened Britain's recovery, and "we should stick to our long-term plan".Speaking after the G20 meeting of world leaders, David Cameron said a "dangerous backdrop of instability" threatened Britain's recovery, and "we should stick to our long-term plan".
In a Guardian article, he warned of the impact from conflicts, low growth and a eurozone "on the brink" of recession.In a Guardian article, he warned of the impact from conflicts, low growth and a eurozone "on the brink" of recession.
Labour said Britain's economic recovery was still not being felt at home.Labour said Britain's economic recovery was still not being felt at home.
But writing in the newspaper, Mr Cameron 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".But writing in the newspaper, Mr Cameron 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".
He said: "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.He said: "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.""Emerging markets, which were the driver of growth in the early stages of the recovery, are now slowing down."
And he said the Ebola epidemic, conflict in the Middle East and Russia's illegal actions in Ukraine were all adding to a "dangerous backdrop of instability and uncertainty".
The warning comes after Mr Cameron pushed for a free trade deal between the European Union and the US at the G20.
He said leaders had agreed the Transatlantic Trade and Investment Partnership (TTIP) "is a deal we want", urging the European Commission to put the deal "at the top of its do-do list".
AnalysisAnalysis
BBC News political editor Nick RobinsonBBC News political editor Nick Robinson
David Cameron calls it "pitch rolling" - preparing the ground for a big match.David Cameron calls it "pitch rolling" - preparing the ground for a big match.
The prime minister has just got his heaviest roller out to prepare for not one but two huge political matches - Thursday's Rochester by-election and the Autumn Statement in less than three weeks time...The prime minister has just got his heaviest roller out to prepare for not one but two huge political matches - Thursday's Rochester by-election and the Autumn Statement in less than three weeks time...
The prime minister is getting his excuses in early.The prime minister is getting his excuses in early.
And he said the Ebola epidemic, conflict in the Middle East and Russia's illegal actions in Ukraine were all adding to a "dangerous backdrop of instability and uncertainty".
The warning comes after Mr Cameron pushed for a free trade deal between the European Union and the US at the G20.
He said leaders had agreed the Transatlantic Trade and Investment Partnership (TTIP) "is a deal we want", urging the European Commission to put the deal "at the top of its do-do list".
Official figures released on Friday showed that Italy returned to recession after its economy contracted 0.1% in the third quarter - the 13th quarter in a row that it has failed to grow.Official figures released on Friday showed that Italy returned to recession after its economy contracted 0.1% in the third quarter - the 13th quarter in a row that it has failed to grow.
And the German economy narrowly avoided falling into recession with growth of 0.1% in the third quarter.And the German economy narrowly avoided falling into recession with growth of 0.1% in the third quarter.
Mr Cameron stressed that while the British economy was the fastest-growing in the G7, the reality of an interconnected world meant it would not be possible to "insulate ourselves completely".Mr Cameron stressed that while the British economy was the fastest-growing in the G7, the reality of an interconnected world meant it would not be possible to "insulate ourselves completely".
"We must do all we can to protect ourselves from a global downturn," he added."We must do all we can to protect ourselves from a global downturn," he added.
Looking ahead to the 2015 general election, he argued it was more important than ever for the UK to stick to the government's austerity plan, which he said had seen the nation "prosper".
'Concerned and worried''Concerned and worried'
Looking ahead to the 2015 general election, he argued it was more important than ever for the UK to stick to the government's austerity plan, which he said had seen the nation "prosper".
His comments come three weeks before Chancellor George Osborne delivers his Autumn Statement - the last before the election.His comments come three weeks before Chancellor George Osborne delivers his Autumn Statement - the last before the election.
Labour responded by referring to comments made by former Prime Minister John Major, who told the BBC's Andrew Marr Show on Sunday that people were "concerned and worried" that the economic recovery had not resulted in higher wages.Labour responded by referring to comments made by former Prime Minister John Major, who told the BBC's Andrew Marr Show on Sunday that people were "concerned and worried" that the economic recovery had not resulted in higher wages.
Shadow Treasury chief secretary Chris Leslie said: "David Cameron claims his policies are working, but as even Sir John Major admits, most people still aren't feeling the recovery.Shadow Treasury chief secretary Chris Leslie said: "David Cameron claims his policies are working, but as even Sir John Major admits, most people still aren't feeling the recovery.
"Working people are £1,600 a year worse off under his government, borrowing is going up so far this year and exports have fallen behind our competitors.""Working people are £1,600 a year worse off under his government, borrowing is going up so far this year and exports have fallen behind our competitors."