RTTNews - In an interview to the Financial Times, the Chancellor of the Exchequer Alistair Darling expressed confidence over the prospects of recovery in the U.K. But he said he is also cautious. The failure of other European nations in cleaning up their banks as well as rising oil prices could adversely impact the British recovery, he said.
Darling said other European countries failed to adopt the measures taken by the Britain in identifying toxic assets and recapitalizing them.
The FT reported that the Darling will warn at a G8 meeting to be held this weekend that there remains the uncertainty regarding the recovery.
On Thursday, U.K. Business Secretary Peter Mandelson urged the next European Commission to set a targeted agenda of single market liberalization for the goods and services that would act as a key to Europe's comparative advantages in the coming years.
No matter how badly a downturn might tempt us to think and act in national silos, the next five years will in fact demand an even greater Europeanism from us, he said in a speech in Berlin.
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