Darling warns of 'uncertain times'

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He said the UK faced "uncertain times", but a resilient economy would help weather the storm.

Mr Darling - forced to nationalise crisis-hit lender Northern Rock last week - also called for confidence in the UK and its ability to cope with financial turmoil.

Speaking at a Euromoney Bond Congress for investors in London, he said: "We all recognise that the global economy is facing its biggest test in more than a decade.

"Here in the UK, our economy remains strong and stable, we were the fastest growing economy in the G7 last year. Growth has remained stable and close to trend for the past two-and-a-half years.

"But these are uncertain times. We do not yet know the full extent of the slowdown affecting the United States."

However, he said the UK economy had proved "more resilient than any of the major advanced nations to the shocks of the past decade".

"I believe we will get through this turbulence. And we must maintain confidence because the global economy, particularly to developing markets remains strong," he added.

The comments come ahead of the Budget on March 12, which will be the first for the Chancellor since his appointment last year.