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U.K. Economy Faces `Dangerous Cocktail' of Risks, Osborne Warns

  • China, commodity prices, Middle East cited as hazards
  • BCC says its factory, services indexes weakened at end-2015
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Chancellor of the Exchequer George Osborne said a “dangerous cocktail” of global threats faces the British economy this year as he warned against allowing complacency to take hold.

His alert was underscored by a gloomy report by the British Chambers of Commerce showing both manufacturing and services weakened at the end of 2015. In a speech in Wales on Thursday, Osborne identified the slowing economies of China, Brazil and Russia, the slide in commodity prices and escalating political tensions in the Middle East as potential hazards for the U.K.