Boris Johnson said Britain's economy has had its "Costa Concordia moment" and should continue on the course set by George Osborne.
Speaking at the Institute of Directors (IoD) annual convention, the Mayor of London said: "It's fair to say that the UK economy has finally reached its Costa Concordia moment.
"Because after two-and-half years of parbuckling the labour is complete and the rotation has been accomplished and though the damage is still I think manifest, and the caissons have not yet been entirely drained of debt, I think you would agree that the keel is off the rocks and at last we can feel motion beneath.
He also made comparisions between the Labour party and the captain of the Costa Concordia, who is accused of accidentally running the ship aground and abandoning ship while passengers were still aboard.
"I have no inclination whatever to hand back the wheel to the people who were on the bridge when we ran aground. And to claim to have abolished boom and bust, they were frankly only half right," he said.