IT is now more important than ever to stick to the Coalition's long-term economic plan, David Cameron has told MPs, after cautioning that "red warning lights are once again flashing on the dashboard of the global economy".

But in response Ed Miliband accused the Prime Minister of getting his "excuses in early" before what most analysts believe will be a takeaway rather than a giveaway Autumn Statement from the Chancellor next month.

In a statement on the weekend G20 summit in Brisbane, Mr Cameron insisted Britain and America were "leading the pack" on growth and jobs but made clear elsewhere in the world there were some very alarming signs, with weak growth in Europe and a ­slowdown across Asia.

The PM said the "figures speak for themselves", with Britain outperforming other countries thanks to annual growth of three per cent and the largest fall in unemployment on record.

"Because of the difficult decisions we are taking, the economy is doing well," he declared.

But Mr Cameron emphasised the worrying situation across Europe, with Italy was in recession and Germany barely registering any growth at all; the eurozone, he insisted, "needed to properly fire up".

The PM went on: "World trade is not developing as fast as it should be, previous fast-growing economies are slowing down and only today Japan entered recession. These warning signs in the global economy show that it is more important than ever we stick to our long-term economic plan. That is the only way we can secure a better future for our country."

But the Labour leader scorned his Conservative opponent's remarks, saying Mr Cameron needed to stop "blaming everybody else" for Britain's economy helping merely a few people at the top but not delivering for most working people.

"Today you tell us there are red lights flashing in the global economy; that is what is known as getting your excuses in early," claimed Mr Miliband.

"You used to tell us that the problems in the British economy were all to do with the British Government and nothing to do with international factors. Now, you want to tell us that on your watch they're all to do with international factors and nothing to do with the British Government."

But in response, the PM said: "I'm very happy to defend and take some credit for what is happening in the British economy; growing at three per cent, the biggest fall in unemployment on record, 400,000 new businesses. Because of the difficult decisions that we took, the British economy is doing well."

Earlier while on a visit to a factory in Kent, George Osborne said the UK faced "plenty of risks" despite recent positive indicators.

"The British economy is performing strongly but we're not immune to developments in the world," head said. "It is all the more reason we have to go working through our long-term economic plan, all the more reason we have to resist those who say we can borrow and spend more; that would take Britain back to square one."

Despite the recovery and some upbeat UK economic numbers, the Chancellor's statement on December 3 is expected to have some arresting statistics; revenue from income tax is below forecast.

This means estimates for the UK's structural deficit might have to be increased, throwing up the prospect of future tax rises and/or spending cuts for whichever party wins the General Election.

The Chancellor is expected to use any room for pre-election ­giveaways in the spring Budget, which comes just weeks before Britons go to the polls.