Downing Street Says

» Tuesday, April 21, 2009

Economy

On the economy, the Prime Minister had outlined the global context for the Budget and had said that all countries were tackling similar issues. We were taking action in Britain that we were seeing having an effect. For example, just this morning we had seen the impact of the VAT cut on the retail sector. We had to also ensure that through the downturn we continued to invest in the future while ensuring the public got best value for money for taxpayers money spent.

The Prime Minister, Chancellor, Chief Secretary and others emphasised the importance of investing and growing our way out of recession at this time.

Asked whether the PMS was referring to Tesco when he spoke about the VAT cut, the PMS said that there was some suggestion from Tesco themselves that the VAT cut had been having a beneficial effect. We were always confident of the position that the VAT cut was the quickest and most effective way of injecting money into the economy and getting money into the hands of millions of families, including those who didn t pay tax as well as those who did pay income tax.

Asked whether the VAT cut had had an impact on the inflation figures out today, the PMS said it clearly had an arithmetic impact on them.

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Economy

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