Downing Street Says

» Tuesday, March 18, 2008

Economy

The Chancellor updated Cabinet on his discussions yesterday and over the weekend with the US Treasury Secretary, Hank Paulson, the Governor of the Bank of England and the Chairman of the Financial Services Authority. He explained that we were working with authorities here and internationally and doing all we could to maintain stability and growth in the face of continued global turbulence.

The Chancellor said that because of the resilience of the UK economy, our low debt, unemployment and inflation, we were well placed to deal with the current global financial turbulence and that the fundamentals of the UK economy remained strong.

The Chancellor wrote to members of the International Monetary Fund (IMF), the G7 and the Financial Stability Forum yesterday to call for agreement on coordinated international action on transparency and disclosure, better risk management and action on credit rating agencies when the G7 and the IMF met in April.
Later today the Chancellor would be meeting Dominique Strauss-Kahn, the Managing Director of the IMF. He was in London to discuss the current situation and the Government’s proposals for dealing with these issues at the forthcoming IMF meetings in Washington.

Asked how long the economic discussions in Cabinet had lasted, the PMS said they had lasted for about 15 minutes and the Cabinet meeting in total was around 50 minutes.

Asked if the Prime Minister had had any discussions with President Bush or other world leaders on the economic situation, the PMS reiterated that the Prime Minister had lengthy discussions with his European counterparts in Brussels at the end of last week. We were in close contact with the US and others and the Chancellor had been speaking to Hank Paulson, the US Treasury Secretary.

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Economy

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