George Osborne 'getting his excuses in early' for economic failure, says Labour

Shadow chancellor John McDonnell says he warned his opposite number about threats to UK economy more than three months ago

George Osborne is "getting his excuses in early" for economic failure, the shadow chancellor, John McDonnell, has argued, saying he warned his opposite number about global economic threats to the UK economy months ago.

McDonnell was responding to a speech by the chancellor on Thursday in which he said the UK economy faced a "dangerous cocktail of new threats" from abroad, including the falling Chinese stock market and instability in the Middle East.