Treasury: UK 'cannot run away from its problems'

This is a stark reminder that the UK cannot simply run away from its problems, or refuse to deal with a legacy of debt built up over a decade.

Though it is taking time, we are fixing this country's economic problems.

The deficit is down by a third, a million and a quarter new private sector jobs have been created and the credibility we have earned means households and businesses are benefiting from near record-low interest rates.