The economy is "turning a corner", Chancellor George Osborne is expected to say later today.
The BBC reports Osborne will make a speech in London stating there are "tentative signs of a balanced, broad based and sustainable recovery". He is, however, expected to stress that it is still in the early stages and "plenty of risks" remain.
The report said the Chancellor will say that recent months had "decisively ended" questions about his economic policy.
Revised gross domestic product figures showed the UK economy grew by 0.7% in the second quarter, with predictions it could reach 1% for the third quarter.
And last week the OECD economic agency sharply increased its growth forecast for the UK economy this year to 1.5% from an earlier estimate of 0.8%.
Osborne (pictured) is expected to say: "The economic collapse was even worse than we thought. Repairing it will take even longer than we hoped. But we held our nerve when many told us to abandon our plan. And as a result, thanks to the efforts and sacrifices of the British people, Britain is turning a corner.
"Of course, many risks remain. These are still the early stages of recovery. But we mustn't go back to square one. We mustn't lose what the British people have achieved.
"This is a hard, difficult road we have been following. But it is the only way to deliver a sustained, lasting improvement in the living standards of the British people."
Labour dismissed the comments, saying Osborne was "trying to rewrite history".
"Three wasted years of flatlining under George Osborne have left ordinary families worse off and caused long-term damage to our economy," shadow Treasury minister Chris Leslie said.
"This desperate attempt to rewrite history will not wash when on every test he set himself, this chancellor's plan A has badly failed - on living standards, growth and the deficit."
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