Downing Street Says » Report on Monthly GDP

» Wednesday, June 10, 2009

Report on Monthly GDP

Asked about the Prime Minister s reaction to a report from the National Institute of Economic and Social Research on the estimates of monthly GDP, the PMS said that the Prime Minister felt that there were signs that the sometimes controversial action the Government had taken, such as the cut in VAT, the action we took to stabilise banks so they could lend more, the action we took to stop temporary rises in unemployment becoming permanent, had started to take effect. However, this remained a very difficult global situation that our businesses were facing, which could be seen in the latest export figures from Germany, and there was no room for complacency.

Asked if the Prime Minister would interpret the findings of the report as green shoots of recovery, the PMS said that the Prime Minister would interpret these figures and the industrial figures as signs that Government policy was having an effect, but there were no grounds for complacency and we continued to face a very difficult international situation.

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