Chancellor George Osborne says the UK’s return to growth is not yet assured long-term and that the economy remains too reliant on consumer spending and borrowing.

During a speech in Hong Kong, delivered ahead of next month’s Budget, Mr Osborne said the UK needed to import and export more, while cuts in the nation’s debt pile were also necessary.

The chancellor will deliver the Budget on 19 March against a backdrop of improved economic conditions in the UK. Unemployment is down and growth prospects have been revised up.

He said: "as well as reasons to be cheerful, there are also reasons to be careful. The recovery is not yet secure and our economy is still too unbalanced.

"We cannot rely on consumers alone for our economic growth, as we did in previous decades. And we cannot put all our chips on the success of the City of London, as my predecessors did.

He added: “Britain is not investing enough. Britain is not exporting enough."

Labour has accused the Tories of “chocking off” the recovery.