UK is in an urgent need to gradually seek to secure a consistent economic growth from financially poised situation; George Osborne was quoted as saying.
The chancellor's plan to achieve by sticking on to debt reduction, curbing corporate tax rates, and reforms to the health and education sectors. In addition, Osborne has urged firms to spend their cash reserves in a bid to boost the economic conditions.
Mr Osborne also told Davos delegates he was unhappy with UK GDP figures this week which showed a 0.5% contraction in the last quarter of 2010.
"So the challenge for the government in the next year or so is to remove the supply side obstacles to growth”, he posted. "The [other] challenge to me is that UK corporate are sitting on cash on their balance sheets equivalent to about 5% of GDP.
What I've got to do in the next few months is to persuade them to start spending that money".
It is reported that the government is a process to encourage manufacturers and exports in a view to stabilize the UK economy.
The UK has been continuously putting efforts in addressing its problems, appreciating the Eurozone for its measure to fetch a much higher economic stability with its bloc.