Downing Street Says

» Tuesday, October 21, 2008

Economy

Asked what the main thrust of Alastair Darling s update had been, the PMS replied that the Chancellor had made clear that we had taken significant action in order to stabilise the banking system. We were beginning to see some positive reaction to that, although obviously it was still very early days. We had also seen the banking crisis affecting almost every country in the world and that was raising issues for them and it would also raise issues for us, insofar as it would have a knock-on effect back on to the UK economy.

Asked if there had been any discussion on borrowing, the PMS said that there had been a general discussion about how the Government was dealing with the current economic situation. Asked whether the Chancellor had asked Ministers to identify projects that they saw as being a priority, the PMS repeated that it was quite a general discussion and in any case, people would not expect him to get into the specifics of who said what.

Asked if it was correct to say that the Government would bring projects forward rather than announce any new ones, the PMS said that Yvette Cooper had been clear about that yesterday when she was giving interviews. She had spoken about the re-profiling of Government expenditure.

Asked if there had been any movement on the world leaders meeting on the financial crisis, the PMS said no date had been set. The Prime Minister did have a conversation with President Bush yesterday evening by telephone. They had been speaking regularly in recent weeks, but it was for the Americans who would be hosting the meeting to make any announcements on it.

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Economy

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