George Osborne: UK economy 'motoring ahead'

UK economic growth accelerated to 0.7% in the second quarter of the year, helped by a big jump in oil and gas productions.

Chancellor George Osborne said the figures showed Britain was "motoring ahead", but there remained clear risks in the world economy.

"Whether it's Chinese stock markets or what is happening in Athens, we can't necessarily predict the next crisis, what we can do is make sure we're ready for it."