Downing Street Says

» Thursday, March 5, 2009

Economy

Asked repeatedly why Ed Balls was answering questions on the economy and not the Chancellor, the Prime Minister s Spokesman (PMS) told the assembled press that Ed Balls was being interviewed about child protection. The Governor of the Bank of England had been doing media this afternoon on the subject of quantitative easing. Put that Ed Balls did comment on the subject of quantitative easing, the PMS confirmed that he had; he was asked a question and he responded to it.

Asked why the Treasury had not been commenting on this today, the PMS said that interview bids went to the Treasury and they would decide how they wanted to respond to those bids. Asked if the Prime Minister agreed with Ed Balls that there should have been tougher regulation, the PMS replied that the Prime Minister had set out his view on regulation on numerous occasions, including when he was in Washington and he acknowledged that there were lessons to be learned from the current global financial downturn and the need to adapt regulatory structures to account for global financial flows.

Put that Ed Balls had said that the issue of regulation should have been addressed in the past, the PMS said that the Prime Minister had acknowledged that we took steps to establish a new regulatory regime when we set up the Financial Services Authority and given the way global finance had developed we needed to adapt those regulatory regimes and build international cooperation between them.

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Economy

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