Downing Street Says

» Tuesday, June 30, 2009

GDP/CSR

Asked if there had been a discussion on GDP figures or the Comprehensive Spending Review (CSR) at Cabinet, the PMS said that there was a general discussion about the economy, public services and the follow up to BBF, but we would not get into specifics.

Asked repeatedly about whether or not there would be a CSR this year, the PMS said that this was a matter for the Chancellor and he had made clear that now would not be the right time to set out detailed spending plans up until 2014. The Chancellor would keep the issue under consideration as part of the Pre Budget Report and future Budgets.

Asked, relating to GDP figures out today, if the Prime Minister was confident that the Chancellor would be able to hit his growth targets, the PMS said that Liam Byrne had made clear that in the view of the Treasury the figures out today did not change the judgement made by the Chancellor in the Budget that growth would return at the end of the year. On GDP more generally, it was clear that the UK had been affected by what was happening in the global economy and we got hit particularly because this was a global financial recession and we had a large financial sector. Despite that countries, like Japan and the Euro area as a whole, in the first quarter saw greater contractions in their economies than we had seen in the UK.

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GDP/CSR

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