Downing Street Says

» Tuesday, September 11, 2007

Economy

Asked to flesh out what Alistair Darling said to Cabinet on the Pre-Budget Report, the PMS replied that it was a general discussion, the Chancellor’s main point being to emphasise the underlying strength of the British economy, particularly at this time of uncertainty in the financial markets. We were into around our 60th consecutive quarter of economic growth, employment was at record levels, and inflation was back down to 1.9%, slightly below the Government’s inflation target. We had seen volatility in financial markets, and we had seen other external shocks in the past, but due to the framework for monitoring political policy put in place in 1997 and the underlying strength of the economy, we remained well placed to deal with these shocks.

Asked if there was a date for the Comprehensive Spending Review, the PMS replied that we did not have a confirmed date yet.

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