Osborne says critics proved 'wrong'

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Critics of Britain's economic recovery plan have been proved "comprehensively wrong", George Osborne has said.

The Chancellor conceded "many risks remain" for the UK, including the fall out from the crisis in Ukraine and the sluggish eurozone recovery, as he took to the world stage but hailed the success of the upturn a year after the International Monetary Fund (IMF) warned that his austerity policies were "playing with fire".