Downing Street Says

» Wednesday, November 12, 2008

Economy

Asked if the Government had announced a date for the Pre-Budget Report (PBR), the PMS replied that it was best to wait and see. This was for the Treasury to announce.

Asked why it was being held back so long, as normally it would be announced weeks in advance, the PMS replied that this was not necessarily the case, and the PBR was obviously in a different category to the Budget. As and when the Treasury were in a position to confirm the date they would do so.

Asked if there was any response to Mervyn King s gloomy forecast for the economy next year, the PMS replied that the Bank were setting out their updated forecasts this morning, and the press conference was still ongoing. The Government would very much agree with the Governor of the Bank of England that these were extraordinary times both for Britain and the global economy. We would also agree with Mervyn King who had said this morning that in these extraordinary times a fiscal stimulus would be perfectly reasonable as long as it was both temporary and there was a clear path to return the public finances to a sustainable footing. This was exactly what the exactly what the Chancellor had been saying in his Mais lecture a couple of weeks ago and what the Prime Minister had been saying recently.

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