Downing Street Says

» Wednesday, March 12, 2008

Cabinet

The Prime Minister’s Spokesman (PMS) began by telling the assembled press that Cabinet had lasted about 45 minutes.

Alistair Darling presented the main elements of the Budget to Cabinet.

He said that the background to this year’s Budget was the difficult situation in the world economy. The problems in world financial markets had resulted in the intervention from central banks yesterday. The US economy was facing particular difficulties and the oil price was now over $100 a barrel.

He emphasised that Britain remained well-placed to deal with these difficult economic circumstances: inflation was low, which had enabled the Bank of England to cut interest rates; public sector debt was low by both historical and international standards; growth remained resilient, with Britain the fastest growing economy in the G7 last year; and unemployment was at a record low.

This contrasted with significant global downturns in the past when high inflation had meant interest rates had to be kept high, high borrowing meant public spending had to be cut, and weak growth meant unemployment had risen significantly.

He said that the priorities for the Budget were to act responsibly and maintain economic stability, address the challenge of climate change, and provide targeted support for hard-working families.

Asked to describe the atmosphere in Cabinet that morning, the PMS said that there was strong support for Alistair Darling for the responsible approach that he was taking and for his intention to do everything possible to maintain stability in Britain in these difficult times for the world economy.

Asked for a clue on how long the Chancellor’s statement would be, the PMS replied that it was market sensitive information.

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Cabinet

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