Britain's Treasury chief is set to warn of a dangerous cocktail of new threats to the economy, insisting that the country is not immune to troubles from abroad.

George Osborne will use a speech later Thursday to underscore his fears about what he described as "creeping complacency" in the debate about the national economy. In remarks released in advance, he cites a drop in global stock markets and commodity prices, as well as the slowdown in China among the issues buffeting the world economy.

Osborne is due to say that "anyone who thinks it's mission accomplished" is making a mistake and that last year was the worst for global growth since the crash.

He says the only antidote is confronting complacency and sticking to the course the government charted.