There is huge pressure on the Chancellor George Osborne to think again about the speed at which he is planning to cut the deficit.

Recent economic figures suggest that growth in the economy is low even before spending cuts have taken effect.

A group of economists have written to the Observer arguing that his plans could become self-defeating.

But while George Osborne accepted that there were "choppy economic conditions," speaking to Sarah Montague he argued that his economic plan had earned confidence on the international markets.

"The rock upon which the stability of the economy rests is our credible fiscal plan," he said.

But he also argued that there was "flexibility built into the plan we announced a year ago", with a "cyclical" response to the economic climate.

"There is an assumption that either you don't do any cutting at all or there is my plan.

"My plan actually, I think, provides flexibility but also stability and confidence."

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