Downing Street Says » UK Economy

» Thursday, November 29, 2007

UK Economy

Asked if the Prime Minister agreed with the Governor of the Bank of England, that the UK was in for an uncomfortable period financially, the PMS said that the Prime Minister was speaking at length about the world economy at the weekend and gave a number of interviews. These were testing times for the World economy as a result of the instability in the financial markets that originated in the sub-prime mortgage market in the US. Clearly no country could insulate itself from the ups and downs of the world economy, but because of the framework that the Government had put in place, it was the view of the Prime Minister and the Chancellor that the country remained well placed to withstand shocks of this kind, just as the UK had withstood the Asian crisis, the Russian crisis, the recession in the US, the dotcom bubble, the tripling of oil prices and all of the other economic shocks that had hit the UK economy over the last decade. The country had continued to enjoy continuous growth while other countries had suffered negative growth.

Asked if the Prime Minister would give a categorical assurance that house prices were not 30% over-valued, the PMS said that what the Prime Minister could give an assurance on was that he, working with the Chancellor, would do everything that was necessary in order to steer a course of stability during these uncertain times for the world economy.

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